IOS Daily - July 8 - Triten/TPG Angelo Gordon JV plans to buy $1B in IOS

NEWS ROUNDUP

JOINT VENTURE: Triten, TPG Angelo Gordon plan to invest $1B in IOS. Triten RE Partners and TPG Angelo Gordon have announced that they plan to acquire an additional $1 billion worth of IOS assets over the next 5 years. The two firms began an IOS-focused joint venture (JV) in 2020 and to date have acquired more than $500 million worth of assets in 16 US markets. The Triten team is led by Scott Arnoldy, while the TPG Angelo Gordon team is led by Matt Lazar.

JOINT VENTURE: Manulife and Foundry announce IOS JV. Manulife Investment Management has teamed up with Foundry Commercial for an IOS-focused JV. The portfolio consists of 10 sites in Atlanta, Dallas-Fort Worth, Jacksonville, and Nashville. Manulife has directly acquired 3 sites, while the rest will be developed in partnership with Foundry. The Manulife team includes Jessica Harrison and Maggie Coleman. The Foundry team includes Rick Coe and Pryse Elam.

ACQUISITION: Catalyst buys 3.8 acre IOS in Charleston for $4.23M. Catalyst Investment Partners has acquired 3445 Buffalo Avenue in North Charleston, South Carolina. The property features an 18,400 SF warehouse with 2 drive-in doors and 2 dock doors. The Catalyst deal team was led by Brandon Johnson, and Milton Thomas with Lee & Associates brokered the deal.

ACQUISITION: Alterra JV buys 5 acre site in Philly for $5.75M. Alterra IOS and Eco Materials have partnered up in a JV to purchase 6110 Passyunk Avenue in Philadelphia, Pennsylvania. The team plans to invest up to $40 million develop the property into a soil recycling facility. “The fact that we’re taking all of our excavated dirt and putting it in landfills next to plastic bottles…it’s mind-blowing to me. Eighty percent of this or more could be recycled and put back int to the construction ecosystem.” -Leo Addimando, Alterra IOS

LEASE SIGNED: Advance Industrial brokers lease of 2 acres of IOS in Kearny, NJ. The Advance Industrial (AI) team of Bussel Realty Corp. has leased 2 acres within 80 Campus Drive in Kearny, New Jersey. The AI team of Anthony Rittwager and Matt Phillips represented the tenant, Lico Transport. CBRE represented the landlord, Hugo Neu Realty Management.

READ: Car and truck shipping volume soars in Savannah after Baltimore bridge collapse.

FROM OUR PARTNERS

FOR SALE: Houston, TX - warehouse + 0.7 acre IOS

Address: 5636 Etheridge Street, Houston, TX 77087-4008

Features: Fully-fenced and paved, 100% leased to seller for 2 years at $7.70 psf NNN

Close To: South Loop 610, IH-45 South, the Port of Houston, and Hobby Intl. Airport

Building: 12,320 SF flex space, the warehouse has 3 grade-level overhead doors

Zoning: Industrial

Asking Price: $1,050,000 (9.00% in-place cap rate)

Info: LINK

FOR SALE/LEASE: Mulberry, FL - 10 acre IOS

Address: 2606 Cozart Road, Mulberry, FL 33860

Features: Fenced with 24' sliding gates, water and electric

Close To: CSX Railroad within feet of the property.

Zoning: Heavy Industrial

Asking Price: $2,000,000

Rental Rates: $3500/month/acre NNN

Info: LINK

FOR SALE: Mundelein, IL - 19.45 acre IOS

Address: 750 Allanson Road, Mundelein, IL 60060

Features: Heavy trailer parking permitted, build-to-suit opportunity

Close To: I-94, ORD airport, CN rail

Zoning: M-1 (Manufacturing)

Asking Price: Subject to offer

Info: LINK

FOR LEASE: Carlstadt, NJ - 4.9 acre warehouse + IOS

Address: 245 Paterson Plank Road, Carlstadt, NJ 07072

Features: Dirt road, slab poured, walls up, roof on, 800 amp power 

Close To:  Direct exits to Rt. 3, Rt. 17, Rt 46, I-95, I-80, and Teterboro Airport

Building: 47,500 SF building with 3,600 SF office, 14 loading docks, 1 grade-level door, 28 trailer spaces, 37 car spaces, 40' ceiling height, 200' building depth

Zoning: LIB (Light Industrial B)

Info: LINK

FOR LEASE: Atlanta, GA - 1 acre IOS/Low Coverage with 3 bay garage

Address: 412 Sawtell Avenue S.E., Atlanta, GA 30315

Features: Concrete paved, fenced, utilities available

Close To: 2,000 SF, 3-bay garage building

Building: I-75, Atlanta Intl. Airport, Moreland Avenue

Zoning: I-2 (Heavy Industrial)

Rental Rates: $8,000/acre/month 

Info: LINK

FOR LEASE: East Rutherford, NJ - 4.7 acre warehouse + IOS

Address: 880 Paterson Plank Road, East Rutherford, NJ 07073

Features: Fenced, paved, exterior/interior lighting upgrades

Close To: Easy access to Routes 3, 17, and I-95, and near US-46 and route 21. Minutes from the GWB, Lincoln, and Holland Tunnels. 12.2 miles to NYC

Building: 34,740 SF industrial/flex building with 3,197 SF office, 11 loading docks, 2 drive-ins, 20' ceiling height

Zoning: RA (Redevelopment Area)

Info: LINK