IOS List - June 2, 2023

EverWest making moves in SoCal. The Fed won't hike. Learn how to spell Tewkesbury. Seven new IOS deals.

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

Let’s dive in.

NEWS ROUNDUP

EverWest snaps up SoCal port industrial with IOS potential. EverWest Real Estate Investors bought a 101K SF warehouse facility in Carson, just north of Ports of Long Beach/LA. It is fully leased to FLS Warehouse and Distribution. In addition to warehouse space, the site offer significant acreage for IOS. “EverWest is actively pursuing IOS opportunities,” said John Maurer, EverWest’s senior managing director and head of portfolio management. Meridian Investment Sales brokers Abie Kassin, Ikey Betesh, and Michael Schoenbrun repped both buyer and seller.

Five reasons why the Fed won’t hike in June. Our friends at Pensford suggest that the Fed may hit the snooze button at the June 14th meeting. Here are the bullet points: 1) the banking system is still shaky; 2) some alternate measures of GDP have registered negative for the past two quarters; 3) forward-looking inflation expectations are low; 4) rents are falling; 5) real rates are positive.

Outstanding Balance of the Bank Term Funding Program (the safety valve):

IOS, The Beautiful Ugly Duckling. File this story under “articles that explain my job to family members.” Several IOS heavy-hitters are featured, including Eric Johnson with Industrial Outdoor Ventures, Daniel Laub of Zenith IOS, Matthew Pfeiffer with Alterra, and Alan Pontius with Marcus & Millichap. The piece is a great reminder of the sizable pools of capital that are still being deployed (and raised) in the IOS space.

Peleton + Moorfield JV grabs IOS in four UK markets. A JV between Peloton Real Estate and Moorfield Group, the UK-focused real estate investment manager, has acquired an IOS portfolio consisting of four sites in Newport, Peterborough, Preston, and Tewkesbury. (Editor’s note, Tewkesbury may be the hardest word to type fast. No way you get it right the first time.) The 37-acre portfolio was acquired for $33M. All sites were leased to BCA, Britain’s largest used vehicle marketplace. Think CarMax, but with a sophisticated accent.

FOR SALE

IOS for sale in Woodland, CA

Woodland, CA - 10.76 acre fleet parking site

JLL is offering this 10.76-acre industrial yard and a fleet parking site for outdoor storage. Short-term tenants currently occupy it, but it will be available soon. The site is covered with a fenced and graveled lot. The parking site has a ±1,550 SF office building, covering the area with ±3,000 SF metal canopy. The site is adjacent to Interstate 5. This industrial yard is zoned I-H (Heavy Industrial) in Yolo County. The Sacramento International Airport is 12.5 miles away and the Port of Richmond is 72.6 miles. Woodland Railroad is only 0.7 miles away and can be reached in 2 minutes. Link to listing: LINK

For more information, contact JLL brokers Sean Merold at 916-491-4313, Mike Zimmerman at 916-491-4312 or Mike Metzger at 916-440-1830.

IOS for sale in Kansas City, KS

Kansas City, KS - 5.40 acre IOS at 7.50% cap

Northmarq is offering this outdoor storage facility on 5.4 acres at 6570 Kansas Avenue in Kansas City. The building is lighted, fully fenced, and secured with two key-card gates. The property is close to Interstates 35 and 70, via Kansas Highway 32. The tenant is Beyond6 (dba American Natural Gas) on a 5-year NNN lease with 3% rent escalations. The site has nearby rail service near the Union Pacific Line and the CNG station. Asking price is $3,670,000 equating to a 7.50% cap rate. Link to listing: LINK

For more information, contact Northmarq’s Chris Adams at at 972-616-4720 and Josh Adams at 972-619-9865.

Syracuse NY IOS for sale

Syracuse, NY - 31.8 acre IOS development site

Pyramid and Cushman Wakefield are offering this 31.8 acre of vacant land zoned Industrial. Gas, water and electric are on the road. The site is made up of two adjoining acres in the industrial district next to the CSX rail line. Interstate access to I-90 and I-481 are less than 2 miles away. Additionally, the owner is open to cooperating in the development of the property. Link to listing: LINK

For more information, contact Elaina Pirro from Pyramid Brokerage Company at 315-445-8520.

IOS assemblage for sale Livermore, CA

Livermore, CA - 6.98 acre IOS development site

CBRE is offering this 6.98-acre industrial assemblage zoned LII (Low-Intensity Industrial). The property is located near Interstate I-580. The topography is flat and codes allow for up to 45% coverage for office + warehouse + parking usage. The property offers quick access to the Vasco Commuter Rail (Altamont Corridor Express) and The Livermore Commuter Rail. Oakland International Airport is 30.9 miles away, and San Jose International Airport is 36.8 miles away. The Port of Redwood City is 61 minutes away, making it ideal for freight port transit. Link to listing: LINK

For more information, contact Greg Smyth at 510-541-1387 or John Salamida at 925-817-9055.

FOR LEASE

IOS for lease in Altamonte Springs, FL

Altamonte Springs, FL - multiple IOS parcels for lease or BTS 

CBRE is marketing multiple lots available for lease or build-to-suit in Altamont Springs, FL. This property is located in the Northern Orlando submarket and includes many roadway access points. Within a three-mile radius, there are 48,519 rooftops, and the property is only a few minutes away from Interstate 4, SR-434, SR-414, and SR-436. Parcel detail:

  1. Lease 3.5 acre paved, secured, and lit lot with all-weather surface

  2. BTS 24,000 SF industrial/flex on 2 acres with laydown yard, 30-32’ clear, 9×10’ dock doors

  3. Lease 2.66 acres fenced, graveled, electric available

  4. Lease 2.16 acres fenced, graveled, electric available

Listing LINK

For more queries, contact David Murphy at 407-404-5020, Monica Wonus at 407-404-5042, Cameron Thomas at 407-404-5078, and Jose Rivera at 407-404-5067.

IOS for lease in Delran, NJ

Delran, NJ - 11.8 acre IOS

The Criterion Group is leasing this site in Delran, NJ with 6.8 usable acres and a 18,328 SF building. The grounds are fenced, divisible, lit, and paved. The property has easy connections to Route 130 and I-295. The location is strategically positioned between Wilmington (55 min), Philadelphia (26 min) and Trenton (30 min). Month-to-month lease options are available. Click for listing: LINK

For inquiries, contact the Criterion Group at (347) 450-1030.

Dickinson, ND IOS for lease

Dickinson, ND - 20,000 SF service warehouse + 19.3 acre IOS

Proven Realty is leasing this IOS site 19+ acres that is fully fenced with loading dock and security gates. The property has a 20,660 SF building with a 10-ton crane, wash bay, 4,000 SF of office and conference room. Click for listing: LINK

For more information, contact Erik Peterson at 701-369-3949 or Lucas Natwick at 701-580-0564.

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PARTY IN THE CITY WHERE THE HEAT IS ON

Miami IOS interest from Blackstone

Hat tip to our friends at Rig Hut for spotting this one.

FROM THE TRENCHES: LENDING MARKET