IOS Daily - November 13 - Alterra with the daily double

NEWS ROUNDUP

ACQUISITION: Alterra acquires off-market Inland Empire IOS for $10.5 million. Alterra Property Group purchased 3730 S. Riverside Ave in Colton, CA, for $78/leasable square foot. The site includes an 11,000 SF maintenance facility on 3.08 aces. The prior owner wanted a quiet transaction and is leasing the property back for a year. Shy Assar with Voit represented the seller and is also handling leasing. The site is available for lease starting Jan 1, 2025.

FUND RAISING: Alterra secures $70 million commitment from SFERS. The Alterra team has been busy. They just landed another large commitment for the Alterra IOS Venture III fund, this time from the San Francisco Employees Retirement System (SFERS). The fund is targeting a $750 million total raise for a Q1 2024 closing and is expected to be oversubscribed. Return targets are 14% - 16% with a 1.7x to 1.8x equity multiple.

LEASE SIGNED: Kidder Matthews signs IOS lease in Puget Sound market. Matt McLennon and Peter Quinn with Kidder Matthews secured a lease on behalf of the owner of 1036 4th Ave N in Kent, WA. The site is a 1.83 acre IOS with 8,854 SF of structures. According to tax records, the listed owner is Michael Carpinito.

EV TRUCKS: West Coast vouchers for EV drayage trucks. The ports of LA and Long Beach are offering $60 million vouchers to purchase zero-emission, Class 8 drayage trucks. Vouchers are $100K per truck for fleets with 10 or fewer trucks, and $75K for fleets with more than 10 trucks — and can be combined with other programs up to $250k per rig. The program will support the purchase and deployment of up to 800 new zero-emission trucks.

FOR SALE: Houston, TX – 3.17 acre IOS with NNN lease to Boxx Modular

Address: Cutten Rd & Gant Rd, Houston, TX 77066

Features: Fully stabilized, fully fenced

Close To: Port of Houston and Houston George Bush Intercontinental Airport

Info: LINK

Lease: $126,712 /year, NNN, 2% annual escalations

Brokers: Mark Nicholas at 713-888-4024 or Will Clay at 713-425-1810 or Angela Watford at 713-425-1848

FOR SALE: Wilmington, CA – 1.01 acre IOS

Address: 1248 Alameda St, Wilmington, CA 90744

Features: Heavy container corridor, fenced, gated, concrete paved industrial yard with docks

Close To: Alameda Corridor, 710, 110 Freeways, Port of Long Beach and Long Beach-Daugherty Field Airport and Los Angeles International Airport

Buildings: 2,400 SF building, small functional shop, two loading 12’ x 12’ GL doors, eight loading DH positions with ramp, 6 offices, 3 restrooms, large breakroom and driver’s lounge

Zoning: M3 (Heaviest Industrial Zoning)

Info: LINK

Brokers: Lary Carlton at 562-547-8994 or Kyle Degener at 310-321-1805 or Amanda DePierro at 310-321-1817

FOR SALE: Bloomingdale, GA – 5 acre IOS

Address: 120 Towles Rd, Bloomingdale, GA 31302

Close To: I-95, I-16, Hwy 80, Jimmy Deloach Parkway, Georgia Ports Authority Garden City Terminal and Savannah/Hilton Head International Airport

Buildings: Brick office

Zoning: Heavy Industrial

Info: LINK

Broker: Ray DeMott at 912-484-4448

FOR LEASE: Dallas,TX – 10 acre IOS

Address: 8800 Julius Schepps Fwy Dallas, TX 75241

Features: Divisible to 5 acres, fully fenced and secure, fully lit, security check-in 24 hours, heavily stabilized, concrete load pads

Close To: I-45 frontage and visibility, 7 miles from Downtown Dallas, 3.5 miles to I-20, 6 miles to Union Pacific Intermodal

Zoning: IR (Industrial Research)

Info: LINK

Brokers: James Mashni at 713-534-1896, Patrick McKiernan at 713-534-1888, or Sam McGurk at 832-449-2922

FOR LEASE: Cheswold, DE – 14 acre IOS

Address: 440 Twin Oaks Dr, Cheswold, DE 19936

Features: Compact gravel, fully fenced with electric gate, solar pole lights

Buildings: 1,200 SF office with bathrooms

Close To: Route 13 and Route 1, railspur connection to Delmarva Central Railroad

Zoning: Heavy Industrial

Rent: $3,500 /acre/mo NNN

Info: LINK

Brokers: Ethan Tucker at 410-790-6948

FOR LEASE: Kansas City, MO – 10 acre IOS

Address: 8901 E 22nd Terrace, Kansas City, MO 64126

Features: Graveled, lit, fenced, gated, onsite porta potty, security cameras

Close To: I-435 & I-70

Zoning: Unincorporated

Info: LINK

Rental Rate: $175 /space/month

Broker: Casey Mericle at 417-501-6550