IOSList - August 11, 2023

NEWS ROUNDUP

1. Yellow Corp bankruptcy could bring a flood of 300+ IOS to market. Yellow will likely walk away from its active leases and landlords will be forced to file appearances as creditors in the bankruptcy case. The trustee “will look to sell off assets in a manner that maximizes value.”

2. CLOSING: ABR Capital and Biynah acquire 3 IOS deals. The JV acquired properties in Dallas, Nashville, and Phoenix to grow their “Transportation-Related Industrial Portfolio” (TRIP) to 17 assets.

3. LEASE SIGNED: Lee & Associates assisted IOV in landing tenant Connect One at IOV’s 4.5-acre trailer yard in Morrow, GA. IOV’s team included Rick Tumlin, Michael Sutter, and Elizabeth Kennedy with Lee & Associates, and William Crane with Strategic Real Estate Partners repped the tenant.

4. E-Commerce boom sparks investor interest in IOS. “Well-located properties, especially near infill areas or trans-shipping hubs, are extremely scarce and development is challenging.” Music to our ears.

5. Prologis: competition for industrial space will heat up in 2024. “Customers are advised to take advantage because the rapid decline of new construction starts and delayed decision-making could increase competition for space in 2024.” 

6.  CLOSING: Concrete plant with IOS in St Pete sells for $5M. Located at 4451 8th Avenue, it was sold on July 11 by STABIL Concrete Products Company. The property was purchased in 2006 for $1.2 million.

FOR SALE: Bakersfield, CA – 0.55 - 1.68 acre multiple lots

Address: Skycrest Business Park in Bakersfield, CA, 93309

Features: Leveled

Close To: Edison Hwy, Hwy 58, Weedpatch Hwy & Meadows Field Airport, Union Pacific rail adjacent

Zoning: M-1 & M-2, lots can be combined up to 15 acres

Info: LINK

Broker: Scott Wells at 661-631-3822

FOR SALE: Chicago metro (Melrose Park), IL – 1.15 acre IOS

Address: 2050 George St, Melrose Park, IL 60160

Features: Secure site and gated with remote access

Close To: I-88, I-290, I-294, O’Hare Airport, and Global II UP Intermodal

Zoning: G - Industrial

Info: LINK

Brokers: Jason Lev at 847-706-4044, John Suerth at 847-706-4929, or Jimmy Kowalczyk at 630-368-5548

FOR SALE: Edmond OK – 2 acre car lot

Address: 3637 E Waterloo Rd, Edmond, OK, 73034

Features: Fully fenced, over 1 acre of blacktop

Buildings: 4,000 SF under roof with 750 SF of office and a 3,250 SF shop with 12' overhead door.

Close To: I-35

Price: $929,000

Info: LINK

Broker: Robert Williams at 405-822-2877

FOR SALE: Manassas, VA – 11.06 acre IOS

Address: 11318 & 11350 Industrial Rd, Manassas, VA 20109

Features: Concrete paved, secured, electricity, water, sewer connections, 3 phase power

Close To: Prince William County Parkway, I-66, I-95

Buildings: 12,000 SF warehouse, drive-in doors of 12' x 14', 18' ceilings, air conditioned 4 bays, offices above the bays

Zoning: M2

Info: LINK

Asking Price: $13,995,000

Broker: Patrick Cloud at 703-368-7355

FOR SALE: Pompano Beach, FL – 1.71 acre low-coverage development site

Address: 1599 W. Atlantic Boulevard Pompano Beach, Florida, 33069

Close To: I-95, Fort Lauderdale–Hollywood International Airport & Port Everglades

Buildings: Proposed for 8,000 SF total over 4 individual buildings, each with ±5,000 of outside storage and drive-in loading

Zoning: I-1

Info: LINK

Asking Price: $3,400,000

Broker: Zack Krawiec at 563-468-3816 or Larry Genet at 786-496-0440

FOR LEASE: Savannah, GA - low coverage -former True Value Hardware building

Address: 782A King George Blvd, Savannah, GA 31419

Features: large overhead door, multiple points of access, excellent frontage on busy road

Building: 10,350 SF with 1,400 SF of storage, 32 parking spaces, 4 AC units

Close To: 4 miles to I-95, 13 miles to Port Savannah, 17 miles to Savannah airport

Price: $15.50/psf NNN

Info: LINK

Brokers: Oleg Mitnik at 917-656-1682

FOR LEASE: Charleston metro (Hanahan), SC - 2 acre outdoor storage and terminal

Address: 1003 Trident Street, Hanahan, SC 29410

Features: 22 position terminal, parking for ~40 chassis/containers, asphalt surface with concrete dolly pads, dock levelers, fenced, lit, electronic gates

Building: 3,300 SF enclosed with 5,200 SF open-air terminal

Close To: 1.8 miles to N. Charleston Terminal, 10.5 miles to Leatherman Terminal, 11.4 miles to Wando Welch Terminal, 3.3 miles to I-26, 0.9 miles to I-526, 5.7 miles to Charleston International Airport

Zoning: ID - Hanahan

Info: LINK

Brokers: Hagood Morrison at 843-830-9108, John Beam at 843-810-6868, or Brooks Courtney at 859-627-8749

 FOR LEASE: Atlanta, GA – 8.75 acre IOS or BTS

Address: 934 & 972 Avon Ave SW, Atlanta, GA, 30310

Features: Level site with concrete and asphalt paving, all utilities on the site

Close To: Hartsfield-Jackson Atlanta International Airport

Buildings: 15,232 SF steel building structure

Zoning: I-1-C

Info: LINK

Brokers: Brian Bratton at 404-942-2028, or Steve Ratchford at 404-942-2003

FOR LEASE: Kearny, NJ – 3-4 acres IOS site

Address: 1201 Harrison Avenue, Kearny, NJ, 07032

Close To: NJTPK Interchange 15W, US Hwy 1 & 9, Newark Port, Newark Airport, Penn Station NY

Buildings: 2,000 SF building (shed type), 16’ clear height, grade-level loading

Info: LINK

Broker: Jason Crimmins at 973-568-6611, Peter Murano at 973-214-9375, Alex Conte at 973-432-1648, or Michael Schipper at 973-936-4173

FOR LEASE: Grand Terrace, CA - 2.16 to 6.23 acres ISF

Address: 21516 & 21506 Main St, Grand Terrace, CA 92313

Features: Fenced and secured graveled yard

Close To: Freeways 215/91/60 and on-ramp to Freeway 215, Ontario International Airport

Yard 1: 2.16 acres with a 21,210 SF canopy and 1,000 SF office asking $0.36/SF/Mo NNN ($33,872)

Yard 2: 4.07 acres with a 5,717 SF warehouse and a 4,580 warehouse asking $0.34/SF/Mo NNN ($60,278)

Combined: Asking $0.32/SF/Mo NNN ($86,841)

Zoning: M2 - Industrial

Info: LINK

Broker: Craig Yocum at 951-276-3625, Trent Kimsey at 951-276-3649, or Alexey Zabolotskikh at 951-276-3606