IOS Daily - November 13 - Alterra with the daily double
Alterra acquires Inland Empire IOS and closes a big fund commitment. Kidder Matthews leases Puget Sound IOS. West coast ports offer EV truck vouchers. Six new IOS deals.
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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.
IOS FOR SALE
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
Lease: $126,712 /year, NNN, 2% annual escalations
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)
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
Broker: Ray DeMott at 912-484-4448
IOS FOR LEASE
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)
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
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
Rental Rate: $175 /space/month
Broker: Casey Mericle at 417-501-6550
ONE MORE THING
Had a meeting with the CEO of a very large credit union.
He said next year is going to be a terrible year for banking he believes.
Borrow delinquencies across the board are up over 80%
Their watch list for commercial loans is the longest it’s ever been.
Auto loans… twitter.com/i/web/status/1…
— Multifamily Madness (@MultifamilyMad)
Nov 4, 2023
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