IOS Daily - November 15 - Trux Parking & Albany Road add Greensboro yard
Trux-Albany Road buy Greensboro. Alterra acquires Baltimore IOS for $4.5M. Yellow's landlords are not happy. What is the SLOOS report? Six new IOS deals.
Good morning. This is IOSList, the publication of record for industrial outdoor storage.
Now, let’s get to it.
ACQUISITION: Trux-Albany Road add another truck park to their portfolio. A joint venture between Albany Road Real Estate Partners and Trux Parking purchased 3414 Sandy Ridge Rd in Greensboro, NC. The site provides easy access to GSO airport, I-40, I-840, and I-73. JLL brokers Michael Scarnato, Pete Pittroff, Allan Parrott, and Michael Lewis represented the seller, Piedmont Land Development.
ACQUISITION: Alterra acquires Baltimore IOS for $4.5 million. The Alterra team strikes again with a new IOS purchase at 4221 Shannon Drive in Baltimore, MD. The site contains a 10,000 SF industrial building on 4.7 acres. The full purchase price was $4,524,666 or $962,695 per acre. Brokers Joseph Kassin and Steven Pollan with Kassin Sabbagh Realty handled the transaction.
YELLOW: Landlords object to Yellow’s offer to walk from lease obligations. Yellow is attempting to extract itself from 178 leases. In one instance, competitor and landlord Estes Express Lines said Yellow neglected truck terminals in Milwaukee, Charlotte, and Kearny causing $27.9 million in damage. Yellow’s offer to repay for damage? $652,000.
LENDING: What is a SLOOS report and how does it affect IOS? The Fed runs a Senior Loan Officer Opinion Survey (SLOOS), to take a pulse on lending standards. Results from October’s SLOOS? Credit standards: 70% report “somewhat tightened.” Lending demand: 60% report “weaker demand.” Lending standards: present conditions are “somewhat tighter” and forward conditions will “remain the same or tighten further.” Get ready to close with 100% equity, folks.
IOS FOR SALE
FOR SALE: Columbus, GA - 8.38 acre low-coverage industrial at 6.50% cap
Address: 1301 Blanchard Blvd, Columbus, GA 31901
Features: Corporate NNN lease with Sunbelt Rentals, Inc., 12.5 years of term, $1.75M+ in improvements
Close To: I-185, US-27, Fort Moore
Buildings: 2 buildings totaling 30,165 SF
Asking Price: $3,000,000
FOR SALE: Tucson, AZ – 7.86 acre IOS at 6.5% cap
Address: 4570 E. Irvington Rd, Tucson, AZ 85714
Features: Fenced and stabilized
Close To: I-10, Davis-Monthan Air Force Base
Buildings: 3,100 SF building
Asking Price: $4,350,000
Lease: 3% annual rent bumps, NNN
Broker: Northmarq has the listing: EMAIL
FOR SALE: Montclair, CA – 0.88 acre IOS
Address: 4776 Brooks St, Montclair, CA 91763
Close To: Ontario International Airport and Port of Long Beach
Asking Price: $1,815,750
Broker: Arvin Poblete at 949-607-8402
IOS FOR LEASE
FOR LEASE: Houston, TX – 10 acre IOS
Address: 13020 Donegal Way, Houston, TX 77047
Features: Fenced, gated, recently resurfaced with 6" crushed concrete base and 2" asphalt millings
Close To: Beltway 8, SH-288, Hobby Airport
Rental Rate: $2,500/acre/month Gross
FOR LEASE: Houston, TX – warehouse + IOS on 3 acres
Address: 12301 Amelia Dr, Houston, TX 77045
Features: Capital improvements just completed, 3 acres stabilized yard, 18 ft clear height, 3 phase power, fully fenced & secure
Close To: Quick access to Hwy 288
Building: 4,900 SF drive-through warehouse, 672 SF mobile office
FOR LEASE: Tulsa, OK – 1.5 acre IOS
Address: 4210 Elwood, Tulsa, OK 74107
Close To: Tulsa International Airport
Rental Rate: $0.88 /SF/YR
Broker: Levi Walker at 918-379-1003
ONE MORE THING
If your superintendent is wearing this hard hat… is your development project guaranteed to be delivered on time?
— Hunt Rose | Class B Industrial Guy (@NNN_Industrial)
Oct 28, 2023
HELP US IMPROVE
How did you like today's newsletter?
→Try our resources for IOS pros:
Advertise: Do you want your property listing, closing announcement, or job opening to be seen our army of 7,000+ IOS pros? Click to submit listings here: Submit Listings.