IOS List - April 26, 2023

News on Alterra's $750M fund, Ramser inks 2 leases. Also, IOS for-sale in Orlando and 3 for-lease listings.

Author

Alex Best
April 26, 2023

Good morning. This is IOSList, the (almost) daily digest of all things industrial outdoor storage. As you remember, we launched our give-to-get IOS rent database last week.

So far, we’ve collected rent data in 10 states and 15 metro areas, submitted by 13 blue-chip firms.

If you want to gain access, click below to submit a confidential entry. Once we have a sufficient data set, we’ll release the info to everyone who participated! We don’t collect information that could identify properties or individuals

Now onto the news and listings!

NEWS ROUNDUP

Invigorating day at the office.

Overnight truck parking is a desperate logistics need. According to a 2022 national survey by the American Transportation Research Institute, the shortage of truck parking is the third biggest concern behind fuel prices and the driver shortage. Trucking scales up much easier than rail, so the boom in same-day delivery is benefiting big rigs over locomotives.

Alterra sets $750M fund target. Alterra is in the market raising IOS Venture III. The fund is expected to have a first close in May, with a hard cap of $850M. According to Real Assets IPE, the targeted returns are 14-16% IRRs and 1.7x-1.8x multiples. Alterra’s Venture II fund closed in March of last year, netting $524M for the team to deploy. Bravo to the team!

Ramser inks two IOS leases in FL. Ramser Development Company has secured two new tenants at RV Storage Depot in Altamonte Springs, FL. The overall property is 55-acres. A recently-improved 3.75-acre slice was leased by an undisclosed Fortune 500, and Jingoli Power is taking another 19-acre segment. If anyone has details, we would love to add them to our rent database: link. We’ll remove identifying information to keep confidentiality. 

Redfearn acquires IOS in Delray Beach for $4.5M. The team at Redfearn Capital secured an IOS property in their backyard. The property includes a 13,790 sf facility and two acres of outdoor storage. The property is leased to Assurance Power Systems, a generator company.

FOR SALE

Orlando, FL - 9.74 acre IOS Development Site

This IOS development site is located in the center of Orlando Central Park (OCP). There is extremely limited trailer and outdoor storage in OCP due to high FARs. Rent comps in the area average $10,600 per acre per month. Existing I-2/I-3 zoning permits outdoor storage. The site is paved and has off-site retention. Six points of ingress/egress allows for multiple smaller users. The Colliers team can provide a sketch with 300+ potential trailer drops. Pricing guidance is 7% yield on cost. Call for offers is May 18.

Exclusively listed by Colliers brokers Michael Macchia (631-626-5377 and [email protected]) and Jimmy Ullrich (850-294-3636 and [email protected]).

Greensboro/Winston Salem, NC - I-40 Corridor - 16 acre IOS

This existing IOS site is directly between Greensboro and Winston-Salem along the Interstate 40 corridor that runs east-west across the entire US from Wilmington, NC to Barstow, CA. The site is located within 650 miles of over half of the US population. Neighbors include Amazon and Fedex, and PTI airport is 9.1 miles east. Users can access I-40 in just 2.5 miles and two turns. Asking price of $2,000,000.

Exclusively listed by Kelly Anders with KW Commercial at 336-688-8169 or [email protected].

FOR LEASE

El Reno (Oklahoma City metro), OK - 8.93 acre IOS

This property is located on Hwy 66 about 20 miles west of Oklahoma City. The site has immediate access to I-40 and also close to I-44 and I-35. The site is fenced, gravel lot, zoned I-2. Offered for lease at $8,300 per month NNN. The lease term is negotiable.

Exclusively listed by Mitch Hammack and Brent Holliday with KW Commercial. Reach out Mitch (405-312-2512 and [email protected]) or Brent (405-948-7500 and [email protected]).

Jurupa Valley (Inland Empire), CA - 6.88 acre planned IOS

IOV and Lee & Associates are offering this build-to-lease opportunity with freeway visibility along FWY 60 and proximity to I-15. The current plans call for a 30,000 sf maintenance shop with three ground-level doors. Parking plan of 74 stalls. Available for occupancy in Q1 of 2024. Link to brochure: LINK

For more information, reach out to Mat Skogebo with Lee & Associates at 951-276-3646 or [email protected].

Montclair (Inland Empire), CA - 5.02 acre IOS 

This is a rare hybrid site in Inland Empire with M2 Zoning and currently used as IOS. The structure includes a 17,500 sf warehouse space and 2,500 sf of office. The building offers 10 ground-level doors with drive-through capability. The total site is 5.02 acres with plenty of paved parking, fully fenced and secured.

Nearby access to 60, 71, and 10 FWY, and 4.4 miles to Ontario International Airport. LAX is 52 miles and the LA/LB port is 53 miles. Available for immediate occupancy. Link to brochure: LINK

For more information, reach out to Ryan Turnquist with Lee & Associates at 951-276-3680 or [email protected].

THIS WEEK IN INTEREST RATES

Last week, commentary from Fed officials continue to bolster the case for another 25 bps hike in May. Fed Presidents Barkin and Bullard reiterated the central bank’s goal of getting inflation under 2% by pushing fed funds rates to 5.5% and 5.75%.

The policy-sensitive 2-year Treasury yield climbed back towards 4.20% on Friday after a business activity index climbed to nearly a one-year high.

Current likelihood of May hike: 90%

Current likelihood of June hike: 25%

HEARD IN THE YARD

IOS TOOL BELT

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

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