IOS Daily - February 19 - Herc outbids United Rentals to buy H&E for $3.83B

Good morning. This is IOS List, and we clarify the situation.

Now, let’s get to it.

NEWS ROUNDUP

ACQUISITION: Herc outbids United Rentals to buy H&E for $3.83B. Herc Rentals has outbid United Rentals to acquire H&E Equipment Services in a cash-and-stock deal valuing H&E at $104.59 per share. United, which entered into an agreement last month to buy H&E for $92 per share, has dropped its merger plans. The new deal would combine the world’s 3rd (Herc) and 5th (H&E) largest equipment rental firms. H&E is led by Brad Barber and John Engquist. Larry Silber heads the Herc leadership team.

DISPOSITION: Wesbild sells 27.5 acre IOS in Vancouver, BC for C$143M. Wesbild Holdings has sold 1371 McKeen Avenue in North Vancouver, British Columbia, Canada. The property features 860,000 SF of rentable space. Wesbild sold the property after the District of North Vancouver rejected its development plan for the site. The buyer is a partnership between Dream Industrial REIT and the GIC Singaporean sovereign wealth fund. Tony Quattrin with CBRE facilitated the deal. The Wesbild team is led by Kevin Layden.

ACQUISITION: COARE buys 1.2 acre IOS in the Orlando metro area. COARE Companies portfolio company COARE Industrial has acquired 2549 Clark Street in Apopka, Florida. The property features a 5,300 SF warehouse. The COARE deal team was led by Stephen Barry and Hansel Rodriguez. Simon Bentolila and Steven Bentolila with Bento Property Group facilitated the sale. CJ Griffith and Ryan Griffith with Lee & Associates are currently marketing the property for lease.

ACQUISITION: Alterra buys 3.5 acre IOS in the Austin, TX metro area. Alterra IOS has acquired 168 Park 35 Cove North in Buda, Texas. The property features a 17,500 SF industrial building and is currently fully leased to United Site Services. The Alterra deal team was led by Gavin Weaver. Jack Sallis with Stream Realty Partners facilitated the sale.

LEASE SIGNED: Clear Height leases 5 acre ISF in Chicagoland. Clear Height Properties has leased 2614 Brandon Road in Joliet, Illinois. The industrial service facility (ISF) features a 20,384 SF building and is owned through a JV with Walker & Dunlop Investment Partners. Dylan Maher, Brian Vanosky, and Michael O’Leary with Lee & Associates represented Clear Height in the transaction. Steve Morken with Morken & Associates represented the tenant. The Clear Height deal team was led by Max Hoye.

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FROM OUR PARTNERS

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4.15 AC (3.322 Usable) | 2,458 SF Flex Office and Warehouse with a Drive-in Door | Graveled | Utilities on Site | Located at I-40 Interchange Next to RDU Airport

Port-Proximate IOS | 7.4 AC Fenced & Lit Asphalt Yard | 3,500 SF Warehouse | 3.5 Miles from Barbours Cut | Ideal for Trucking, Trailer Parking, Heavy Equipment Storage & Industrial Supplies

8.75 AC | 61,242 SF | 100% Leased to US LBM | Paved, Fenced, and Gated | Ample Laydown Yard | Close to I-39

30 AC | 1,000 Semi-Truck Parking Spaces | Asphalt Surface | Dolly Pads | Demarcated Spaces | Cement Perimeter Wall | Automated Gates | Onsite Staff | Remote Monitoring

2.43 AC | Within the I-526 Loop | Suitable for Laydown Yard or Equipment Storage | Fully Fenced and Ready for Immediate Occupancy Easy Access from I-25 and I-526 | Close to Charleston Intl. Airport and Port Terminals

1 AC | 840 SF Office | Immediate Access to I-10, I-15, 60 | Fenced and Secured