IOS Daily - November 17 - Major fire on Freeway 10
Zenith buys IOS in Portland. Brennan buys 10 acres in NJ. Massive fire disrupts busy LA freeway. Hard landing? Seven new IOS deals.
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FREEWAY 10 FIRE: Major fire shuts down prime logistics route in Los Angeles. Hazmat teams will work around the clock to clean up the damage on Interstate 10, according to Governor Newsom, who said the scale of the fire’s damage is “substantially greater” than the collapse of a portion of I-95 in Philadelphia. “You name it, we saw it stored at this site,” said Governor Newsom, who toured the location on Sunday. UPDATE: core samples came back better than expected and the affected freeway section won’t have to be torn down.
ACQUISITION: Zenith IOS closed 2 acre IOS in Portland, OR. Zenith IOS has closed on a two-acre property located at 17090 NE San Rafael St. The off-market acquisition was brokered by Devin Kopas of JLL. “We’ve been able to add more than $25 million in assets to our portfolio in 2023 alone by identifying strategic opportunities for expansion, and Portland is a market we’ll continue to play an active role in monitoring.” -Ben Atkins, Zenith CEO and co-founder
ACQUISITION: Brennan Investment Group and Global Gate Capital acquire 10 acre IOS in New Jersey. The site includes a 28,600 square foot, cross-docked building with 24' to 28' clear heights and 16 drive-in bays, allowing for a wide variety of uses. "Industrial outdoor storage and industrial service facility space is increasingly scarce in North and Central New Jersey, as user demand far exceeds the supply of functional, zoned sites." - Chris Massey, Brennan Investment Group
LENDING: Hard landing? Soft landing? No landing? In short, nobody knows what is going on. The rate cuts seems to have worked to de-value asset prices. Consumer demand is cooling right before holiday shopping season. High mortgage rates have frozen the single family home market. Everyone who wants a job can get one. The bond market says: 2% chance of a rate cut in January, 32.7% chance of a cut by March, and 49.6% chance of a cut by May.
IOS FOR SALE
FOR SALE: Orlando, FL – 1.35 acre warehouse + IOS
Address: 11052 Satellite Blvd, Orlando, FL 32837
Features: Corp. guaranteed NNN lease, 3% annual increases, tight industrial sub-market
Close To: Hwy 441, Central Florida Pkwy, Florida Turnpike, ORL Airport
Buildings: 9,534 SF warehouse with 3 grade-level doors and open shop space
Asking Price: $2,250,000 (7.00% cap)
FOR SALE (Corrected cap rate!): 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 (6.50% cap)
FOR SALE: Glendale, Arizona – 4.9 acre IOS
Address: 6424-6430 W Orangewood Ave, Glendale, Arizona 85301
Features: Fully fenced and secured site, crushed asphalt/ABC throughout yard, located in Opportunity Zone
Buildings: 2 office buildings, storage building, and 9,000 SF, partially enclosed shop
Zoning: M-1 (Light Industrial), City of Glendale
Asking Price: $4,500,000
IOS FOR LEASE
FOR LEASE: Milliken, CO – 7 acre IOS
Address: 12152 County Road 46, Milliken, CO 80543
Features: Fully fenced, ample parking
Close To: Hwy 60, Loveland and Greeley
Buildings: 2,000 SF modular office space
Zoning: USR - Heavy Industrial
Rental Rate: $1,750/acre/month
FOR LEASE: Baytown, TX – 47.4 acre IOS
Address: 2828 FM 1405, Baytown, TX 77523
Features: State of the art truck terminal, fully fenced and lit, ESFR sprinkler system, 214 dock doors (9’x10’), 935 trailer parks, 251 car parks, Chambers County tax incentives available, guard shack potential
Close To: 99/Grand Parkway, I-10 and Port of Houston
Buildings: 214-door truck terminal; 164,640 SF building with with 24’ clear height, 6,000 SF to-suit office, 10,000 SF truck maintenance facility
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
THIS SECTION WRITES ITSELF
Today in managed truck parking shenanigans: one tenant put a boot on another tenant's truck, leading to a fist fight in the lot. Starting to think we are leaving money on the table by not offering a livestream.
— Adam Deermount (@ADeermount)
Nov 16, 2023
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