IOSList - August, 29, 2023 - Congress considering $755 million to build truck parking

NEWS ROUNDUP

1.  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.

2. 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!

3. 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

4. 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.”

5. 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

6. 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

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)

Info: LINK

Brokers: Chris Adams at 972-616-4720 and Josh Adams at 972-619-9865

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)

Zone: A-1

Info: LINK

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

Info: LINK

Brokers: Wes Widmer at 209-598-0331, Mike Goldstein at 925-683-7059, Alex Hoeck at 209-851-1191

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

Info: LINK

Asking Price: $1,025,000

Broker: Sebastian Findlay at 646-287-3849

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

Info: LINK

Brokers: Mark Childs at 503-504-3298 or Daniel Helm at 503-542-2899 or Daniel Sayles at 503-928-4510

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

Info: LINK

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

Info: LINK

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

Zone: I-L

Info: LINK

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’)

Zone: M2

Rent: $64,686.60 per month NNN

Info: LINK

Brokers: Kevin Fults at 424-329-7508, David Fults at 323-791-0038, and Brian McLoughlin at 323-633-1074