IOSList - July 28, 2023

Yellow to declare bankruptcy on Monday. UPS-Teamsters strike a deal. IOS enthusiasm wanes. KLNB brokers an IOS deal. Overnight truck parking is dreadful. Atlanta warehouse vacancies rise. Nine new IOS deals.

Author

Maham Riaz
July 28, 2023

Welcome to IOSList, the (almost) daily newsletter that tees up the best of industrial outdoor storage so you can hit all the greens in regulation.

NEWS ROUNDUP

Yellow to file BK on July 31

  1. Yellow to file BK on Monday. Yellow’s SVP of sales told her team on Wednesday that their last day is today, and the LTL carrier will file for bankruptcy on Monday. The company employs 30,000 people, but it could be burning up to $10 million per day.

  2. Owner/users exerting dominance of NYC industrial market. Owner-users are reclaiming NYC's industrial market after years of aggressive bidding from competing investors.

  3. UPS and Teamsters reach tentative deal. The Teamster’s boss called it “historic” with $30 billion in new money on the table for labor. And AC.

  4. Investor enthusiasm slows down for IOS deals. Higher borrowing costs have decelerated the demand for IOS. Investors focus on locations with substantial redevelopment potential due to limited financing options.

  5. CLOSING: KLNB sells an IOS site in Rockville, MD. The mid-Atlantic brokerage sold a 2.23-acre outdoor storage parcel at 210-212 Mason Dr in Rockville, MD for $4 million. KLNB’s Joe Friedman and Josh Norwitz repped the seller.

  6. Truckers sound alarm on parking shortage. We live it everyday: the country has a severe truck parking shortage. According to the U.S. Department of Transportation survey, 98% of truck drivers reported difficulty finding parking.

  7. Atlanta's industrial warehouses take a hit. Leasing activity was down 50% year-over-year as big-box users reduce their space and look to divide and sub-lease.

  8. Bridge Industrial revives Baxter HQ redevelopment plan. Yet another glimpse into the challenges of redevelopment into industrial uses. Bridge is seeking to redevelop a 101-acre headquarters campus in Chicago to a logistics complex. The neighbors are not pleased.

  9. PROMOTION: Dalfen promotes Max Gagliardi to CIO. Since joining Dalfen, Max has played a critical role in the closing of over $7 billion in transactions across North America. Congrats to Max!

THE COST OF MONEY

FED WATCH: Market Odds of Another 25bps Hike

Here’s how odds of another hike changed before and after Wednesday’s FOMC meeting. The chance of a hike at the next meeting in September ticked up a bit, but the rest of the meetings came down.

Source: Pensford

 Odds of a cut don’t exceed 50% until March 20 of next year.

IOS FOR SALE

Ft Lauderdale IOS for sale

FOR SALE: Fort Lauderdale, FL - low-coverage warehouse on 0.77 acres

Address: 815 NW 57th Ct, Fort Lauderdale, FL 33309

Features: Fully fenced, paved

Building: 4,950 SF warehouse building, 3 drive-through access points

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

Info: LINK

Asking Price: $2,899,999

Broker: Mark Faeth at 561-716-7819

East Point, GA IOS for sale

FOR SALE: Atlanta metro (East Point), GA – 2.81 acres IOS site

Address: 3056 Main Street East Point, GA 30344

Features: Graded and ready for gravel

Close To: Hartsfield-Jackson Atlanta International Airport & Georgia Ports - Savannah

Zoning: I2 Heavy Industrial

Info: LINK

Broker: Aron Karasik at 770-988-5550 x101

IOS site for sale at Houston, TX

FOR SALE: Houston, TX – 23.67 acre infill IOS

Address: 0 Port Houston Avenue in Houston, TX

Features: stabilized, fenced, capital renovations underway

Close To: William P. Hobby Airport, Ellington Field Airport & Port of Houston

Info: LINK

Broker: Patrick McKiernan at 713-534-1888 or James Mashni at 713-534-1896

IOS site for sale at Litchfield Park

FOR SALE: Litchfield Park, AZ – 36.4 acre industrial land

Address: NEC Sarival & Camelback Rds, Litchfield Park, AZ

Features: OpenSpace/AG/Water& Sewer

Close To: 15.6 miles to BNSF Intermodal and 28.6 miles to Phoenix International Airport

Zoning: AD-2 and AD-3, Airport Districts 2 and 3 which allow for outside storage uses with 25% max coverage

Info: LINK

Broker: Howard Weinstein at 480-215-7272

IOS site for sale at Winston - Salem

FOR SALE: Winston-Salem, NC – 7.16 acre lot with existing parking with low-coverage BTS optionality

Address: 2531 Empire Dr, Winston-Salem, NC 27103

Features: fenced, well-lit, paved

Building: multiple BTS options with parking only, or 20,000 - 44,000 SF flex/industrial building

Close To: 2 miles to I-40 and 4.5 miles to Clemmons

Info: LINK

Asking Price: $1,950,000

Broker: Katie Mealka at 336-473-0206 or Nick Gonzalez at 305-979-3440

IOS FOR LEASE

Philadelphia IOS for lease

FOR LEASE: Philadelphia, PA – 15 acre ISF Parking Facility

Address: 10169 Northeast Ave NE, Philadelphia, PA 19116

Features: Divisible into 4 parcels, stoned, leveled

Close To: Interstate 95, Northeast Philadelphia Airport and rail access are minutes away, Port of Philadelphia and Trenton mercer Airport are less than 30 minutes away

Zoning: I-1, includes permit for truck terminal and storage

Info: LINK

Broker: Chris Rahn at 646-418-6382

ISF for lease at Atlanta, Georgia

FOR LEASE: Atlanta, Georgia - 67 trailer storage

Address: 6100 Purdue Dr, Atlanta, Georgia 30336

Features: Concrete paved, well-lit and covered

Info: LINK

Broker: David Nixon at 404-307-0467

ISF for lease at North Charleston, Sc

FOR LEASE: North Charleston, SC – 30 acre IOS with multiple lots

Address: 7101 Bryhawke Cir, North Charleston, SC 29418

Features: Partially cleared, well-lit

Close To: I-26, I-526, N. Charleston Terminal, Hugh Leatherman Terminal & Wando Welch Terminal

Zoning: M-1 Light Industrial allowing for container storage, container depot, truck and trailer parking, Zoning Verification letter for container stacking 4 high

Info: LINK

Brokers: Alex Shields at 904-377-9963, Will Crowell at 504-975-1099, or Peter Fennelly at 843-425-0186

ISF for lease at Conyers, GA

For Lease: Conyers, GA – 3.24 acre ISF

Address: 1250 & 1270 Portman Dr., Conyers, GA 30094

Features: Fully-fenced

Buildings: 1) 12,657 SF, 16.4’ clear, 3,000 SF office/showroom, 27 drive-in doors; 2) 1,526 SF, 15.1’ clear, 4 drive-in doors.

Close To: one mile to 1-20, fifteen miles to I-285 Atlanta loop

Zoning: (I-D) Industrial Distribution, outdoor storage is permitted

Info: LINK

Broker: Matt Sirockman at 404-202-2222 

ONE MORE THING

GIVING THE PEOPLE WHAT THEY WANT

Tell us how you like the new short format!

Login or Subscribe to participate in polls.

→Try our resources for IOS pros:

Stay Connected: Remember to follow us on Twitter @theIOSList and LinkedIn /ioslist for daily updates. Have a story or feedback to share? Don't hesitate to reply to this email or reach out to us at [email protected].

Advertise: Do you want your property listing, closing announcement, or job opening to be seen our army of 5,000+ IOS pros? Click to submit listings here: For Sale or For Lease, or email [email protected].

Share IOSList: Be a hero and share IOSList with your officemates! Just forward this email or invite them to subscribe here.