Justin Horowitz

It’s rare that a debt adviser is featured on the Power 100 list, but, when it comes to industrial outdoor storage (IOS), Justin Horowitz’s role goes far beyond debt advisory. Horowitz has been, and continues to be, a pivotal person in furthering the burgeoning space and a trusted consigliere to several IOS investment firms.

What started with cold calling, pounding the pavement  and convincing lenders of the IOS space’s virtues culminated in $1.7 billion in IOS transactions in 2025 alone. This year, he’s already closed $690 million, is in the process of closing a further $829 million, and is marketing a further $630 million in deals to boot.

“ ‘Rewarding’ is probably the right word to describe it,” Horowitz said of the evolution of his career as the go-to adviser for IOS. “There was a lot of blood, sweat and tears, going into lenders’ offices and getting them comfortable and, first and foremost, getting the clients to trust me and understand that I knew what I was talking about with IOS. It’s been really fulfilling to see people understand that IOS isn’t just a flash in the pan.”

Recently closed transactions include $103 million in financing for Alterra IOS’s acquisition of 23-asset IOS portfolio; a $130 million credit facility for Zenith IOS and J.P. Morgan Asset Management, with 14 properties as the initial borrowing base; and a $100 million loan to refinance a portfolio of 19 IOS assets owned by Triten Real Estate Partners and TPG Angelo Gordon.

To be off to the races you have to have great jockeys, and Horowitz has placed debt on behalf of all of the key IOS players. On the lending side, he’s closed several transactions with KeyBank, Truist, BMO and is now having conversations with Wells Fargo and Bank of America, among others. “What was originally regional and local bank financing is now money market bank and life insurance company financing,” Horowitz said. “The coolest part for me to see is how big of an appetite there actually is for this space.

“The past four or five years have been about the aggregators and value-add funds and value-add strategies,” Horowitz added. “Now, the [private institutional] funds, sovereign wealth funds and core-plus vehicles are starting to be creative to buy IOS.”

While seeing the fruits of his labor today is fulfilling, “there’s still more to do,” Horowitz said. “I thank my clients daily for all the work we’re doing, and they’ve become friends at this point. It makes my job really fun.”