IOS List - April 12, 2023

News on Centerbridge/Dalfen and Apricus. Three for-sale listings and two for-lease listings!

Good morning. This is IOSList, the (almost) daily newsletter that serves up the best of industrial outdoor storage so you can get back to rolling putts in your office hallway. Hopefully, you won’t have to hit a provisional off the 18th tee box like our friend John Rahm this past weekend.

Before we get into our IOS news, here are a few fun facts about the Masters:

Augusta National is expanding faster than the IOS market. Source: WSJ.

In 1983, Ronald Reagan played at August National. Someone smashed through the gate with a gun and tried to hold him hostage in the pro shop. The secret service got him out safely, but not before someone snapped one of the coolest photos in golf history:

Now, onto today’s IOS headlines. Remember, if you don’t see it in IOSList, it didn’t happen.

Let’s dive in.


Rexford Grabs a Hertz Lot at LAX for $143M. The industrial REIT closed on the 18 acre site via a sale-leaseback. The sale was a nifty tax move for Hertz, who was able to side step LA’s new 5.5% transfer tax by closing prior to April 1. The tax savings were a whopping $7.9 million for Hertz, who will lease the property back for 3 years. You can buy plenty of late model Camry’s for 8 large.

Centerbridge & Dalfen Form IOS JV. The IOS space is seeing more mergers than the 1980’s conglomerate era. Centerbridge Partners is a multi-strategy asset manager covering alternatives like real estate, credit, and private equity. Dalfen Industrial is an industrial operator focused on last-mile logistics. The JV has already completed its first acquisition in Oakland, CA. Congrats to the teams.

Apricus Realty Capital Acquires a 9-Acre IOS in Dallas. The Dallas-based firm has acquired a nine-acre IOS facility in southeast Dallas. The property sounds like an IOS asset right out of central casting: fully fenced yard, room for more than 200 truck/trailer parking spaces, and it comes with a 12,590 sf building for repairs and maintenance. Clear eyes, full parking, can’t lose.

What is the Maximum FAR for IOS? As a new industry, we need to hammer out the jargon, rules, and definitions that govern our space. This article suggests that floor area ratio for IOS should top out at 20%, but we’ve seen others that suggest 30% is the maximum building-to-land ratio. What do you think? Inquiring minds want to know.


Gastonia (Charlotte metro), NC - 18.4 acre IOS

IOS development opportunity. Land zoned I-2. Conceptual trailer parking lot mapped above that will accommodate 300 parking stalls. Surrounded by industrial users. Only 1.4 miles to Exit 14 on I-85.

Exclusively listed by Michael Catanese at Park Commercial at 704-907-1985 or [email protected].

Georgetown (north Boston metro), MA - 38 acre IOS

Assemblage at the intersection of I-95 and Rte 133. Industrial zone B with permitted uses of industrial, transport terminal, self storage, marijuana overlay district, and others. Link to listing: CLICK HERE

Exclusively listed by Dusty Burke with ACRE at 508-735-6378 or [email protected].

Smyrna (Nashville metro), TN - 1.8 acre IOS

Former auto dealer is the perfect IOS conversion. Existing paved parking up front with fenced area in the rear for more. The existing 5,000 sf building has 20 ft height in shop area. Three 12 ft roll-up doors in the back. Property is 16 miles to Nashville airport. Close proximity to I-24, I-65, and the I-840 southern Nashville loop. Asking price: $1,350,000. Link to listing: CLICK HERE

Exclusively listed by James Yates with Red Realty at 615-896-2733 or [email protected].


Gastonia (Charlotte metro), NC - 2.2 acre IOS 

This 2.2 acre storage yard is currently used for IOS and is only 1.2 miles from the Exit 14 interchange to I-85 west of Charlotte. Only 21.2 miles to Charlotte Douglas airport and surrounded by industrial users like Curtiss-Wright, Nussbaum, Mach3, and Advanced Auto Parts. Asking rate is $2,200/acre per month NNN.

For details, reach out to Kelvin Day at 704-251-9688 or [email protected].

Rancho Dominguez, CA - 1.38 acre IOS

This is a rare low-coverage site just 8 miles to the LA/LB ports and 16 miles to LAX. The site features direct frontage on E Del Amo Blvd, with nearby access to Freeways 405, 710, and 91. Adjacent to Alameda Corridor. Existing building is 9,484 sf, with sprinkler system. The yard is partially concrete paved, fenced, with lights.

For pricing guidance, reach out to Anthony Bergeman, SIOR with Daum Commercial at 949-341-4511 or [email protected].


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What recession? Last Friday’s jobs report showed the economy added 236,000 jobs in March and unemployment improved to 3.5%. The bond market is now pricing in a 70% change of a 25 bps rate hike at the May Fed meeting.

Powell spent lots of time at the last FOMC meeting discussing the upcoming credit crunch. J-Pow expects a tighter lending environment will substitute for extra rate hikes. Essentially, the Fed was expecting to take Fed Funds to 5.75%, but they may stop at 5.25%. Stingy bank credit officers can expect nothing but coal in their stockings this year.

Steady, lads.

Next up this week? Wednesday’s inflation report for March is taking center stage.

REMINDER: Check your loan docs! LIBOR will be discontinued on June 30, 2023. If you have a loan or rate hedges with a LIBOR-based rate, you will need to convert them early to SOFR.


Tired of hunting through muni-code websites for zoning info?

IOSList is building an AI-enabled chat interface that will spit out the IOS-friendly zoning details for any metro area in the US. This is free resource to our readers. Just type in a city, and our free app will produce the local IOS-friendly zoning codes, permitted and prohibited uses, and link directly to the zoning code for each area.

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Stay classy.