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IOS List - June 15, 2023

IOS List - June 15, 2023

Power of the ports. Waterpark->industrial conversion? Artemis hearts cross-docks. Iconic Equities is hiring. Nine IOS deal to analyze.

Opeyemi Faji & Alex Best
June 15, 2023

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Let’s dive in.

NEWS ROUNDUP

The power of the ports. As of April 2023, the national industrial rents averaged $7.18 per square foot, up 7.3% despite the economic unease. If port markets are the bell cow running backs of the nation’s industrial markets, Inland Empire is Christian McCaffrey. The IE leads the country in rent growth, flashing an 18.2% YoY rent growth with vacancy under 2%. LA showed equal prowess, notching 12.3% rent growth with vacancy at 2%. That’s like running the 40 in 4.1 seconds then benching 225 for 30 reps. Or if you are me, 1 rep (with a strong spotter).

→ Celebrate: Inflation rose at a 4% rate in May, the lowest in 2 years. The Fed paused rate hikes to revisit in July. Soft landing??

Water park conversion to warehouse in Inland Empire

Water luge conversion to industrial? North Palisade Partners bought the 17-acre Splash Kingdom waterpark site for $44.5 million with plans to convert it into a warehouse. The property is in Redlands (Inland Empire), which boasts a 1.7% vacancy rate. "Demand for larger blocks of functional industrial space across Southern California remains strong and competition for sites in the Inland Empire is fierce," said Joe Mishurda, founder and managing partner of North Palisade. Expect to see more big trades in Inland Empire following a strategy of conversion to industrial or IOS.

Artemis is acing cross docs. A JV between MCB Real Estate, Artemis Real Estate Partners, and Ace Logistics Services has purchased tower Logistics Center, an 850,000 SF building in Aberdeen, MD. The new owners intend to rebrand the facility as Ace Logistics Center. Built in 2021 on a 98.5-acre site at 1225 S. Philadelphia Blvd., the warehouse features 189 cross docks, four drive-in docks, 40-foot clear heights and 130-foot truck court depths, along with more than 310 trailer parking spaces.

→ Iconic Equities is hiring a Director of Asset Management: LINK

More IOS filler for your pitch decks. This report from Hamilton Lane is another show piece to send to capital partners and anyone who is IOS-curious. It hits all the high points: limited supply, scarce zoning, rent growth, critical for logistics and e-comm, etc. There is one note that is curious, however: HL suggests that IOS cap rates are 150-300 bps wider than traditional industrial. We haven’t seen those juicy spreads, but here’s hoping. 🤞

FOR SALE

Jacksonville, FL - 3.5 acre warehouse + IOS development site

Canella Commercial is offering this 3.5 usable acres/uplands at 11010 Blasius Road, a prime industrial site near JAXPort. It is an Industrial Heavy zoned parcel allowing for office-warehouse, storage, distribution, or manufacturing. The site plan and initial building permit is for a 27,400 SF office/warehouse, 2,400 SF office (BLDG 100’x250’), retention area, truck parking and employee parking. Adjacent to interstate I-295 and I-95. It is located near JAXPort, Blount Island, CSX Intermodal Container Transfer Facility and Jacksonville International Airport. Asking price is: $1,393,000 ($398,000/acre - uplands). Link to listing: LINK

For more information, contact Michael Canella at 904-382-3274.

Oklahoma City, OK - 4.65 acre IOS

CBRE is presenting this 4.65 acre IOS site at 4000 S Eastern Ave, Oklahoma City, OK. This I-3 zoned land is flat and shovel-ready. It has 310’ frontage on S Eastern Ave and 650’ frontage on SE 40th St. The site is less than a mile from I-35 east (between the on-ramps at Grand and SE 44th), 2.5 miles from I-40 south and 2 miles from I-240 north. Previously it was used for storage purposes. It is close to Will Rogers World Airport and the railroad. Neighbors are Thermal Specialties and Littlefield Oil Company. Asking price is: $750,000. Link to listing: LINK

For more information, contact CBRE Randy Lacey at 405-607-6062 or Chris Zach at 405-607-6313.

Wilmington, CA - 0.95 acre IOS for sale or lease

Voit Real Estate is offering this 0.95 acre IOS property at 321 Lakme Ave, Wilmington, CA. The site is 41,176 SF with a 2,000 SF building. The lot is paved, fenced and gated. This M2 zoned land is a heavy industrial area with access to the 710, 110 and 405 freeways. Just minutes to the Port of Los Angeles and the Port of Long Beach. It is also 4.5 miles from Anaheim Station and 8.9 miles from Long Beach-Daugherty Field Airport. Lease asking price is $53,528.80 ($1.30 PSF) per month, gross on the land. Link to listing: LINK

For more information, contact John Costa at 424-329-7505 or Ryan Huguenard at 310-819-7077.

Covington, GA (Atlanta metro) - 6.6 acre warehouse + IOS development site

Core Commercial is offering this 6.6 acres of M-2 Heavy Industrial zoned land at Bob Williams Parkway NE, Covington, GA 30014. The usable land is 4 acres, and the brokers can share two concept plans for rear-load facilities with excess parking. The parcel has easy access to Interstate 20 at Exit 92. All utilities are available at the location. It is close to KCVC (Covington Airport) and Covington Town Center (180 AC. mixed-use development). Call for pricing. Link to listing: LINK

For more information, contact Jeremy Dupree at 770-633-5312.

San Bernardino, CA - 2.2 acre contractor building and yard

Lee & Associates is offering this 2.2 acres contractor storage site at 636 South I Street, San Bernardino, CA. The lot has a 1,950 SF office building comprising 5 private offices, a break room, 2 non-ADA restrooms and HVAC. Also, the property has a 4,800 SF warehouse with 4 roll-up doors and an open, covered area. It has frontage to I Street and close access to the I-215 freeway. The parcel is a light industrial-zoned land currently used as a roofing contractor office, warehouse and yard. Just 4 minutes’ drive away from San Bernardino Commuter Rail, 26 minutes’ drive away from Ontario International Airport, and 5 minutes’ drive from BNSF-San Bernardino-CA. Link to listing: LINK

For more information, contact Rick Lazar at 951-276-3652 or Spencer Hull at 951-276-3651.

FOR LEASE

Salt Lake City, UT - 5 acre IOS

CRC Nationwide is offering this 5 acre IOS site for lease near the interchange of Interstate 80 and Interstate 215. An additional acre may be available in the future. The site is divisible to 1.0 acre segments. Lot has compacted road base, an electric 6’ security fence, and is stubbed for water and electric. The current owner is planning $200k in improvements to include security cameras, remot controlled automatic gate, and property lights. Lease rate is $6,800 per acre per month NNN. Address: 326 South 2560 West, Salt Lake City, UT 84104.

For leasing inquiries, reach out to Christopher Wilson at 801-783-6269.

Medley (Miami metro), FL - 4.34 acre ISF

ComReal and Triten are offering this 4.34 acre industrial service facility for lease in northwest Miami metro. The site includes 12,720 SF of building space across four structures: office (2,031 SF), maintenance facility (7,000 SF), covered work area (5,740 SF), and paint booth (1,104 SF). The property is 0.4 miles to US 27, 2.3 miles to the FL Turnpike, 2.0 miles to 826 Expressway, 3.0 miles to I-75, 7.9 miles to Miami International (MIA) and 14.0 miles to Port Miami. Zoned M-1 for heavy equipment, truck and auto storage, parking and maintenance. Fenced, lit, and secured. Link to brochure: LINK

For leasing inquiries, please reach out to ComReal brokers Chris Spear at 305-807-7662 and Pat McBride at 305-619-2937.

Gastonia (Charlotte metro), NC - 7 acre IOS

Avison Young and Criterion are offering this 7 acre IOS site available for immediate occupancy and month-to-month leasing option. The site is divisible, fenced, lit, and paved. Easy access to I-85 at Exit 14 just 1 minute away. Address is 1891 Jenkins Dairy Rd, Gastonia, NC 28052. The layout offers wide turning angles and 239 trailer stalls. Easy drives to Charlotte International Airport (CLT) at 22 minutes and downtown Charlotte at 30 minutes.

For leasing inquiries, please reach out to Avison Young brokers Gray Gaines at 704-439-7410 or Abby Smith at 704-287-3172.

FOR SALE OR LEASE - Morrisville, PA - 9.4 acre IOS

Roddy Inc. is offering this 9.40 acre truck parking / outside storage lot for sale or lease. The property offers 175 striped trailer parking stalls (12’ x 60’) with 8” thick reinforced concrete dolly pads over 6” stone base. Paving is 2” wearing course over 4” binder course with an 8” stone base. The site offers potential build-to-suit option for a service or cross-dock facility. Fully illuminated via pole-mounted LED lights. Fenced with 8’ chain link with provision for a guard shack. Two ingress/egress points with keypad operated 8’ high access gates. Strategically located with short distances to major infrastructure: Fairless Hills Terminal (6 miles), Port of Philadelphia (24 miles), Port of Wilmington (55 miles), Port of Newark (64 miles), Port of Baltimore (129 miles), I-95 (4 miles), I-295 (7 miles). Link to listing: LINK

For leasing inquiries, please reach out to Robert Olender at 215-245-2600 or [email protected].

OVERHEARD AT THE YACHT CLUB

Family offices control huge pools of capital, and they are planning a big investment allocation shift this year.

IN: fixed income and emerging market equities.

OUT: real estate

ZONING SEARCH, SIMPLIFIED

Tired of hunting through muni-code websites for zoning info? We fixed that.

Click above to try ZoningScout

ZoningScout is an AI-enabled chat interface that will spit out the IOS-friendly zoning details for any metro area in the US. This is free resource to our readers. Just type in a city, and our free app will produce the local IOS-friendly zoning codes, permitted and prohibited uses, and link directly to the zoning code for each area.

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IOS IN 5 FRAMES

What is scarce is valuable.

IOS beating its larger siblings.

Slope of the curve getting steeper.

What is scarce is…see above.