IOS Daily - February 18 - Blackstone lends $189M to Alterra IOS Venture III fund

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NEWS ROUNDUP

FINANCING: Blackstone lends $189M for Alterra IOS Venture III fund. Blackstone Mortgage Trust (BXMT) is lending $189 million for the recent purchase of 49 IOS properties in markets including Atlanta, Chicago, and Tampa. The borrower, Alterra IOS, has secured more than $1 billion in financing from major lenders for its Venture III fund. The BXMT team includes F. Austin Peña, while the Alterra team is led by Leo Addimando. Justin Horowitz with Cooper Horowitz arranged the financing.

ACQUISITION: R&G brokers sale of 3.88 acre IOS in Phoenix. The Sheehan | Schumacher Industrial Team of Rein & Grossoehme Commercial Real Estate (R&G) has facilitated the sale of 234 East Mohave Street in Phoenix, Arizona, to WREN Capital. The property features a 31,141 SF manufacturing building with plenty of IOS space. The WREN deal team included Michael Roberts and Thomas Roberts. The R&G deal team included Max Schumacher, Patrick Sheehan, and Jack Hansen. They are currently marketing the property for lease.

DISPOSITION: DB2RE sells 2.1 acre IOS in the Dallas-Fort Worth area. Davidson Bogel Real Estate (DB2RE) has brokered the sale of 3595 Roy Orr Boulevard in Grand Prairie, Texas. The low-coverage property features a 21,000 SF industrial building. The buyer was J&E Companies. David Guinn and David Davidson Jr. with DB2RE represented the seller, Firefly Metals, in the deal.

LEASE SIGNED: Avison Young leases 5.72 acre IOS in Greensboro, NC. Avison Young represented the tenant in the leasing of 211 Webster Road in Greensboro, North Carolina. The property features a 15,300 SF industrial building. The Avison Young deal team included Evan Sassaman, John Gainey, and Jack Albright. Michael Overton, Jake Viverette, and Andrew Roupas with The Overton Group represented the landlord.

LEASE SIGNED: DSP leases 1.43 acre IOS in Chicagoland. Dayton Street Partners (DSP) has executed a long-term lease for 16961 State Street in South Holland, Illinois. The property features an 8,014 SF truck maintenance facility. Alex Sutterer, John Whitehead, and Jack Brennan with NAI Hiffman represented DSP in the transaction. Ali Nix and Marc Hale with DarwinPW Realty represented the tenant, Memphis City Cartage.

READ: Georgia’s Port of Brunswick now #1 port for cars and heavy equipment.

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1.7 AC | ± 8 Years Remaining on Lease | Abundant Paved Parking | Fenced Outdoor Storage | 1,938 SF 2-Story Office Building | 2,550 SF Building with 2 Bays | Highly Desirable Address Halfway Between Alpharetta and Cumming | 10 Miles to Lake Lanier

7.85% Cap Rate | 2.0% Annual Rent Escalations | 2.24 AC | 31,269 SF Warehouse | Fenced and Lit | 3-Phase Power | Renovated in 2023 | 100% Leased to Air Pros USA

4.17 AC | Close Proximity to I-20, I-35, and Loop 12 | Prime Infill Location | Easy Access | Adjacent to Proposed Industrial Development

18 AC | Partially Paved | Fenced and Secured | Owner Willing to Demise Down to 3 AC | Excellent Access to I-5, the Port of Seattle, and SeaTac Airport

12.25 SF (Divisible) | Freshly-Placed Crush-and-Run Gravel | Brand-New Perimeter Fencing | Enhanced 24’ Automatic Gates | State-of-the-Art Lighting | Cutting-Edge Security System | 1,871 SF Warehouse/Shop | 2,179 SF Fully-Renovated Modular Office with Shower | 6,724 SF Warehouse

1 AC | Quick Access to I-10, SH Tollway, and Highway 290 | Immediate Stabilization Upon Request | 1-2 Year Term