IOS Daily - February 17 - Alterra buys truck terminal portfolio for nearly $50M

NEWS ROUNDUP

ACQUISITION: Alterra buys 10-property truck terminal portfolio for $49.5M. Alterra IOS has acquired a 10-property national portfolio of truck terminals totaling about 227,240 SF on nearly 56 AC. Nine of the 10 properties were fully leased at closing. The seller was R+L Carriers. The Alterra deal team included Chris White. The properties in the portfolio are:

• 90 North Plains Industrial Road in Wallingford, Connecticut — 32,500 SF on 5.5 AC

• 2950 Cargo Street in Fort Myers, Florida — 17,850 SF on 2.6 AC

• 2506 Eunice Avenue in Orlando, Florida — 12,950 SF on 2.77 AC

• 2400 Barrett Lakes Boulevard in Kennesaw, Georgia — 117,600 SF on 16.93 AC

• 10120 Governor Lane Boulevard in Williamsport, Maryland — 2,400 SF on 5.89 AC

• 5909 Triangle Drive in Raleigh, North Carolina — 6,000 SF on 2.1 AC

• 3351 Shawnee Drive in Salem, Virginia — 6,200 SF on 2.86 AC

• 1901 Ware Bottom Spring Road in Chester, Virginia — 13,100 SF on 10.15 AC

• 2701 Trade Street in Chesapeake, Virginia — 9,440 SF on 3.27 AC

• 18707 139th Avenue Northeast in Woodinville, Washington — 9,200 SF on 3.69 AC

ACQUISITION: Provident Partners buys 15 AC IOS in Orlando metro area. Provident Partners Real Estate has acquired 580 West Franklin Avenue in Altamonte Springs, Florida. The property features 4 office and warehouse buildings totaling 16,066 SF. Ben Stewart and Scott Martin led the Provident Partners deal team, which was represented by Brock Holston and Derek Riggleman with Lee & Associates Central Florida.

ACQUISITION: Bay Street Capital buys 4.95 AC IOS in Austin, TX. Bay Street Capital has acquired 12819 Dessau Road in Austin, Texas. The property features 11,000 SF of industrial improvements. Matthew Wiener led the Bay Street Capital deal team.

ACQUISITION: Greenspring Realty Partners buys 2.25 AC IOS in Cape Coral, FL. Greenspring Realty Partners (GRP) has acquired 1044 Northeast Pine Island Road in Cape Coral, Florida. The low-coverage property features a 10,500 SF industrial building with 6 drive-in doors. Daniel Flamholz led the GRP deal team in the off-market transaction. GRP’s Goral Khatta is currently handling the leasing for the property.

LEASE SIGNED: Colliers leases 5.2 AC IOS in Northern Virginia. Colliers has facilitated the leasing of 10451 Colonel Court in Manassas, Virginia. The low-coverage property features a 20,390 SF truck terminal building. Clay Ellis, Benjamin Luke, and Jay Budin with Colliers represented the landlord, Realterm, in the transaction. The Realterm deal team was led by Olivia Washburn. John Dettleff with JLL represented the tenant.

PEOPLE MOVES: Genesis LLC hires new VP of Acquisitions. Alexander Pryor has joined the Genesis LLC team as Vice President of Acquisitions. In his new role, Alexander will focus on acquiring, repositioning, and developing IOS properties in Northern New Jersey, as well as Atlanta, Jacksonville, and other East Coast markets.

IOS STATE OF THE MARKET

For Sale and Lease | 4.52 AC | Fully Fenced | 28,863 SF Warehouse with ±3,328 SF Office and 4 Drive-in Doors | 2,000 Amps/480 Volt 3-Phase Power (TBV) | Ability to Be Rail-Served | Great Access to Santa Fe, I-25, and C-470

For Sale and Lease | 34.07 AC | ± 15 AC Paved | 2 Gated ingress/Egress Roads with Curb Cuts to Kings Highway | Water, Sewer, Electric, and Gas to Site | Close to FL Turnpike, I-95, and FL-70 | Under 3.5 Hours to All Major Florida

10+ AC | ±30,000 SF Warehouse with Oversized Drive-in Doors | Multiple Industrial Tenants | Heavy Industrial Zoning | Close to I-95, Baltimore Port, and Major Interstates

6 AC | Paved, Secured Yard with 50+ Truck and Trailer Parking Spaces and Drop-Yard Capability | ±10,140 SF Warehouse/Terminal Building with Efficient Office, Dock, and Operational Layout | ±6,000 SF Dedicated Truck Maintenance Facility with 4 Drive-in Service Bays | Close to I-75, I-280, and US-24 and Strong Connectivity to I-90, Detroit, Chicago, and Midwest Distribution Corridors

9.14 AC | Paved, Fenced, and Lit | Fuel and Utilities Onside | 72,480 SF Building with 56,480 SF of Warehouse/Shop Space, 10 Grade-Level Drive-in Doors, 3 Dock-High Doors, and 16,000 SF of Office Space with Locker Rooms | Close to I-93, I-95, and Boston Logan Intl. Airport

2 Sites in Greensboro, NC for Lease or Sale | 5.50 AC and 5.25 AC | Can Subdivide as Small as 1 AC | Highway Visibility with 91,500+ VPD | Easy Access to I-40