IOS Daily - November 10 - Triten buys 6.85 acre IOS in Philadelphia

NEWS ROUNDUP

DISPOSITION: Binswanger brokers sale of fully leased IOS in Philadelphia. Triten Real Estate Partners acquired the property at 2625 and 2503R Wheatsheaf Lane in the Port Richmond neighborhood of Philadelphia. The facility is 57,000 SF on 6.85 acres and boasts 30 exterior loading docks, 4 drive-ins, and frontage on I-95. The deal was brokered by Binswanger’s Mid-Atlantic Industrial team, led by Chris Pennington with assistance from Tim Pennington, Mike Torsiello, and Nick Maras. Danny Coffman with Triten ran the acquisition.

DEVELOPMENT: Transport Prop clearing and grading a new IOS development. Transport Properties is building a 30-acre truck parking facility at 3000 E. 106th St. in Chicago. Windy City Truck Parking is handling leasing, reach out at (773) 913-2495.

TRUCK PARKING: Realize Truck Parking is adding their on-demand truck parking locations to the Trucker Path app. “We believe the truck parking problem can be solved more quickly and cost effectively with a solution that better utilizes current facilities.” -Cody Horchak, founder and CEO of Realize. Realize current offers locations in Forth Worth, Las Vegas, and La Vergne, TN, with upcoming plans for national expansion.

TAKEAWAYS: ULI/PwC Emerging Trends Report. We read 139 pages so you don’t have to. 1) Hybrid work schedules are here to stay; 2) Insurance costs are wrecking underwriting; 3) Sunbelt still winning the in-migration game; 4) New “core” assets include data centers, student housing, and medical office; 5) The wall of debt maturities will worsen bank liquidity; and 6) IOS didn’t make the report ?!?

Don’t worry, we have it on good authority that next year’s report will highlight the wonders and strength of IOS.

FOR SALE: Tucson, AZ – 7.86 acre NNN IOS on 6.50% cap

Address: 4570 E Irvington Rd, Tucson, AZ 85714

Features: Fully fenced, new NNN lease, 3% annual increases, national tenant (Ritchie Bros. Auctioneers)

Close To: I-10, Tucson Electric Power, Core & Main, and EquipmentShare, Tucson International Airport

Buildings: 3,100 SF building

Info: LINK

Asking Price: $4,350,000 - 6.50% cap rate

Broker: BJ Feller at 312-240-0194

FOR SALE: Stockton, CA – 9.75 acre IOS

Address: 4146 E Highway 99, Stockton, CA 95215

Features: 130 truck & trailer parking space and all utilities available

Close To: Interstate, Hwy 99 and Port of Stockton

Zoning: IL (Light Industrial)

Info: LINK

Asking Price: $5,999,999

Broker: Gurbinder Mangat at 408-355-5700

FOR SALE: Atlanta, GA - 8.03 acre (4.03 AC planned and usable) IOS

Address: 1055 Key Rd, Atlanta, GA 30316

Features: Prime IOS development site, entitled and permitted

Close To: 1.9 miles to I-285 and 4.4 miles to Atlanta Airport

Zoning: Light Industrial

Info: LINK

Asking Price: $1,975,000

Brokers: Pete Everett at 404-556-2538 or Chip Sipple at 912-695-2233

FOR LEASE: Chicago, IL – 6.42 acre ISF

Address: 4400 S Racine Avenue, Chicago, IL 60609

Features: Newly paved, LED lighting in lot and on building, perimeter fencing, 2 electronic access gates

Close To: I-90/94, I-55, Class I railyards (Norfolk Southern, BNSF, CSX)

Buildings: 19,853 SF building, 7,100 SF office, remainder shop space, 5 drive-thru maintenance bays, 1 wash bay, potential for on-site fueling

Zoning: PMD8A

Info: LINK

Broker: Matt Knafel at 317-385-9808

FOR LEASE: Louisville, KY – 2.83 acre IOS

Address: 317 Wabasso Ave, Louisville, KY 40209

Features: Graveled and fenced, with multiple access points

Close To: I-264, I-65 and Louisville International Airport

Info: LINK

Rental Rate: $8,490 /month

Brokers: Blake Scinta at 502-589-5150 x230 or Stephan F. Gray at 502-589-5150 x256

FOR LEASE: Minneapolis, MN – 7.5 acre IOS (multiple parcels)

Address: 322 W 59 1/2 St, Minneapolis, MN 55419

Features: Fully fenced and paved, active rail spur (BNSF, Canadian Pacific, and Progressive)

Close To: Interstate 35W, MSP Airport and downtown Minneapolis

Buildings: 264,947 SF outdoor storage, total 61,677 SF buildings area, and 14 drive-in doors

Info: LINK

Brokers: Tom Bennett at 952-924-4897 or Tom Hayhoe at 952-924-4808