IOS Daily - November 3 - Albany Road-Trux JV buys Atlanta truck parking yard
Albany Road-Trux pays $4.75M. Open Industrial signs lease in VA. Flexport buys Convoy's tech. Fed hold rates steady. Trucking bloodbath keeps bleeding. Six new IOS deals.
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ACQUISITION: JV buys Atlanta metro IOS for $4.75M. A joint-venture between Albany Road Real Estate Partners and Trux Parking closed 100 Industrial Drive in McDonough, GA. The site is 5.73 usable acres and includes a 4,500 SF shop. The purchase price was $828,970 per useable acre. Trux is in growth mode, with 4 active lots and 20 coming soon. Matthews brokers Nick Watson and Harrison Auerbach brokered the transaction.
LEASE SIGNED: Open Industrial signs IOS lease in Virginia. Open Industrial executed a least on a 2.6-acre IOS site in Manassass, VA with Richardson-Wayland Electrical. The tenant has specialized in traffic signal construction, repair, and maintenance for over 25 years. The Open Industrial deal team included Michael Hutton and Jared Okun.
WHITE KNIGHT: Flexport to buy Convoy’s tech stack. Freight forwarder Flexport announced it has acquired Convoy’s tech for an undisclosed sum. Convoy was valued at $3.8 billion 18 months ago and shuttered operations on October 19. Flexport’s CEO Ryan Petersen wrote that Flexport customers will be able to regain access to Convoy’s trucking network estimated at 400,000 truck drivers among 80,000 carriers.
INTEREST RATES: Fed holds rates steady. "The process of getting inflation sustainably down to 2% has a long way to go,” said J-Pow. Market odds of a December hike stand at 19%. Stocks soared on the news and the rally continued into Thursday. The CBOE Volatility Index (VIX) peaked on Monday at $22.07 and has fallen steadily all week ($15.97 as we write this on Thursday).
TRUCKING: Putting some numbers on the trucking bloodbath. Truckers are hauling fewer goods than in previous years, leading to a surplus of trucking authorities and declining rates. Many new trucking companies that emerged during the pandemic are now struggling, with an estimated 35,000 of them shutting down in the fiscal year ending in September.
IOS FOR SALE
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
Asking Price: $1,975,000
FOR SALE: Lorton, Virginia - 9.38 acre IOS
Address: 7209 Lockport Place, Lorton, Virginia 22079
Features: 3.5 acres graveled outdoor storage lot with below market rate lease, public water and public sewer service available
Close To: I-95, Richmond Highway (US-1), Fairfax County Parkway (VA-286), Ox Road (VA-123), and Telegraph Road (VA-611)
Buildings: 12,861 SF flex office/warehouse (a two-story office space with 10’ ceilings and a warehouse with 24’ height and 8 drive-in bays)
Zoning: I-4 (Medium Intensity Industrial) and R-1
Asking Price: $8,949,000
FOR SALE: Fort Lauderdale, FL – 2.2 acre flex
Address: 2050 NW 62nd St, Fort Lauderdale, FL 33309
Features: 203' on West Cypress Creek Rd
Close To: I-95, Federal Highway and Florida’s Turnpike, Port Everglades and Fort Lauderdale–Hollywood International Airport
Buildings: Single-story, industrial/flex building (office, manufacturing, warehousing)
Zoning: GAA (General Aviation Airport District)
IOS FOR LEASE
FOR LEASE: Columbia, SC - 11 acre IOS
Address: 1709 Smith Street, Columbia, SC 29209
Features: Lots of I-77 visibility, graveled, fenced, lit, gated, utilities available
Close To: I-77 and Shop Road frontage, 7 miles to I-26, 11 miles to I-20, NFS rail adjacent, 11 miles to Airport and 108 miles to Charleston Port
Buildings: Construction Trailer or build-to-suit opportunities
Zoning: LI - Light Industrial, outdoor storage permitted by right
Rental Rate: $2,000 - $2,950 per acre NNN depending on how much I-77 frontage
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: La Vergne, Tennessee - 8 acre IOS
Address: 470 Dick Buchanan Street, La Vergne, Tennessee 37086
Features: Perimeter fencing, crush and run pavement, divisible to 7 and 8 Acres
Close To: Nashville International Airport
Buildings: 12,000 SF maintenance facility with 6 drive thru bays, 2,000 SF office, 14' x 16' drive-in doors
Zoning: I - zoned
Availability: Under Construction completing in March 2024
Rental Rate: $50,000 per month NNN
ONE MORE THING
Navigating "corporate speak" isn't easy.
Here's a helpful guide I put together:
"Let me check with my team" = No
"Possibly" = No
"On my roadmap" = Not happening
"This will be done in Q4" = This will be done in Q2 next year
"Disagree and commit" = I hate you
"Per my last… twitter.com/i/web/status/1…
— Chris Bakke (@ChrisJBakke)
Oct 31, 2023
These are all golden. See how many you can drip out on your next conference call.
SECURE THE MUG!
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