IOSList - August, 29, 2023 - Congress considering $755 million to build truck parking
North Palisade buys SanFran IOS. Hundreds of bidders for Yellow's truck terminals. Congress considers $755M for truck parking. California needs 157,000 truck chargers. Nine new IOS deals.
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CLOSING: North Palisade Partners adds Hayward IOS to its portfolio. North Palisade purchased the 8-acres for $19.7 million. "The San Francisco Bay Area is appealing as an industrial investment target for us, primarily because it remains a tight infill market on the West Coast with elevated barriers to entry," said John Petersen, partner. Dick Scott with Scott Ventures represented the North Palisade and Jay Hagglund with Cushman represented the seller.
WSJ: Yellow’s valuable real estate is the hottest buy of 2023. “A person familiar with the bankruptcy proceedings said hundreds of companies have struck confidentiality agreements so they can evaluate the assets. Regional and national freight operators will have a rare opportunity to take on a series of built-out, ready-to-operate facilities in a sector in which experts say real estate is one of the biggest obstacles to expansion.” I would guess many of the IOSList readers have signed CA’s to bid on the assets. Best of luck!
Congress is considering $755 million to build truck parking. "We’ve done everything we can [to help] the truck driver. But we’re now at sort of the apex of if we don’t expand capacity, public and private, we’re just going to spin our wheels. And so, I think we have some huge opportunities in Washington, D.C.” -Daniel Murray, SVP of American Transportation Research Institute
California seeks 157,000 truck chargers by 2030. “As part of a multiprong strategy, the biggest real estate developers and a host of well-funded startups are gobbling up acreage for future sites. The first target is the 30,000 drayage trucks that haul cargo to and from ports in Los Angeles, Long Beach and Oakland.”
LEASE SIGNED: San Diego Gas & Electric leases 7-acre IOS. "San Diego Gas & Electric was attracted to the property's heavy industrial zoning and functionality of both warehouse and office space with a large amount of excess yard acreage for outdoor storage as well as location that provides the ability to service the entire county efficiently." -Blake Rodgers, JLL
CLOSING: San Diego IOS sells for $4.3 million an acre IOS site. Kidder Mathews sold a 1.97-acre IOS property in the central SD area of Miramar for $8.6 million. Broker James Duncan with Kidder Matthews noted the upside due to the below-market in-place rent and short remaining lease term.
THE COST OF MONEY
IOS FOR SALE
FOR SALE: Houston, TX – 40.5 acre IOS offered at 7.25% cap
Address: 11011 Sheldon Rd, Houston, TX 77044
Tenant: Western Falcon and Conestoga Supply Corp, operating since 1992 and 1996 respectively. At this location for 20 years.
Lease: Absolute NNN, 10 year term, two 5-year renewal options, 2.94% escalations
Close To: 10 miles to Port of Houston, 18 miles to George Bush Intercontinental, 20 miles to Houston Hobby, surrounded by industrial neighbors
Price: $15,725,000 (7.25% cap rate)
FOR SALE: Phoenix, AZ – 18.3 acre IOS on 12 parcels
Address: 32 S. 67th Ave, Phoenix, AZ 85043
Close To: I-10, Loop 202 and Phoenix Sky Harbor International Airport
Buildings: Two warehouses (22,000 SF and 12,000 SF)
Broker: George Gilbert at 480-217-6968
FOR SALE: Stockton, CA – 6.57 acre IOS
Address: 2973 Loomis Road, Stockton, CA 95205
Features: 120 striped trailer/truck positions, asphalt, fully fenced, lit, grade-level doors, water, sewer, electricity, three points of ingress/egress
Close To: Hwy 99, I-5, Hwy 120, Hwy 4, I-205, Port of Stockton, BNSF and UP Intermodal Facilities
Buildings: 6,000 SF shop building with eight 14’x16’ drive-thru doors and 18-20’ clear, 1,200 SF storage building with two 14’x12’ roll-up doors, two-story office, one private office, two restrooms
Zoning: I-L Limited Industrial, San Joaquin County
FOR SALE: Savannah, GA – 2.16 acre IOS development site
Address: Eli Whitney Blvd, Savannah, GA 31408
Close To: I-95, I-16, Savannah/Hilton Head International Airport and Port of Savannah
Zone: Heavy Industrial
Asking Price: $1,025,000
Broker: Sebastian Findlay at 646-287-3849
IOS FOR LEASE
FOR LEASE: Wood Village, OR – 18.4 acre IOS development site
Address: 24001 NE Sandy Blvd, Wood Village, Oregon 97060
Features: Paved, fenced and secured
Close To: I-84, 4 miles to the only 4-way freeway interchange in Oregon
Building: 12,000 SF office building, 15,000 SF shop building 8,842 SF utility building, 1,921 SF clean building,14’-26’ height and wash lane
FOR LEASE: Ellenwood, GA – 5.5 acre IOS
Address: 2733 Forest Pkwy, Ellenwood, GA 30294
Features: Heavy duty asphalt, fenced and striped, with detention and solar-powered LED lighting
Close To: Route I-675, Moreland Avenue and Hartsfield-Jackson Atlanta International Airport
Buildings: Spaces drawn for 11’ x 55’ shop buildings
Broker: Stephen Bridges at 404-909-1560
FOR LEASE: Lithonia, GA – 10 acre IOS
Address: 2700 Turner Hill Rd, Lithonia, GA 30058
Features: Class A facility, 400+ trailer spots, heavy-duty asphalt paving, fencing, 11’x55’ striping, coded access gate, solar-powered LED lighting
Close To: Immediate access to I-20 east of Atlanta, onward to the I-285 loop and ATL airport, I-675, and I-75
Buildings: Shop buildings can be built-to-suit
Availability: Currently under construction with Q1 2024 delivery date
Broker: Stephen Bridges at 404-909-1560
FOR LEASE: Savannah, GA – 9.6 acre IOS
Address: 1349 & 1361 Dean Forest Road Savannah, GA
Features: Gravel yard, outside of the 100 yr flood zone
Close To: I-16, I-95, Port of Savannah, Garden City Terminal, Norfolk-Southern Savannah Yard, CSX Intermodal, and Savannah/Hilton Head Airport
Building: 2,200 SF office area, 3,492 SF shop area, mezzanine storage and 4 drive-in doors
Broker: Stephen Ezelle at 912-441-3083
FOR LEASE: Wilmington, CA – 47,916 SF IOS
Address: 302 Lakme Ave, Wilmington, CA 90744
Features: Port truck yard, overweight corridor location, 400 amp 277/480 volt power, fully fenced and paved
Close To: Immediate port access, Freeways 110, 405, 710
Building: 9,204 SF building area, 2,000 SF office area, warehouse with 2 GL doors (12’x16’)
Rent: $64,686.60 per month NNN
ONE MORE THING
San Antonio is the 7th largest city in the United States but the major CRE brokerage firms have largely ignored it. CBRE has an office there. Why is this?
— The Tenant Advisor (@CoyDavidsonCRE)
Aug 28, 2023
SECURE THE MUG!
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