IOS Daily - November 3 - Albany Road-Trux JV buys Atlanta truck parking yard

NEWS ROUNDUP

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.

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

Info: LINK

Asking Price: $1,975,000

Brokers: Pete Everett at 404-556-2538 or Chip Sipple  at 912-695-2233

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

Info: LINK

Asking Price: $8,949,000

Brokers: Mychael Cohn at 301-523-7191 or Aaron Lebovitz at 703-576-7806

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)

Info: LINK

Brokers: Jonathan Kingsley at 954-652-4610 or Jarred Goodstein at 954-652-4617

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

Info: LINK

Rental Rate: $2,000 - $2,950 per acre NNN depending on how much I-77 frontage

Brokers: George McCutchen at 803-255-8603 or James Rogers at 803-255-8621

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

Zoning: Industrial

Info: LINK

Brokers: Gray Gilbert at 713-301-7252 or Chris Haro at 713-275-9620

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

Info: LINK

Availability: Under Construction completing in March 2024

Rental Rate: $50,000 per month NNN

Brokers: Kevin Irwin at 407-408-5676 or Robert Stout at 615-345-7210