IOS Daily - November 8 - Ledo and St. Clair buy 83 acres near Austin
Ledo-St. Clair nab Texas IOS land. CRE brokerages are cutting. WeWhoops. Trucking congestion costs $94B. Six new IOS deals.
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ACQUISITION: JV buys South Austin industrial + IOS site. LA-based Ledo Capital Group and SoCal based St. Clair Commercial Real Estate teamed up to buy 82.57 acres just outside of Lockhart, TX. Up to 30 acres could be used for IOS space in addition to distribution and manufacturing uses. Luke Wheeler with Transwestern’s Austin office helped broker the deal for Anthony Brent and Ryan Martin with Ledo and Greg St. Clair.
TRANSACTION VOLUME: Four brokerage earnings calls paint a rough picture. Cushman is focusing on reducing debt load and selling off non-core lines of business amidst a net loss of $33.9M for Q3. JLL saw leasing revenue drop 22% and investment sales fall 32% year-over-year. CBRE reported a 49.3% drop in cash flow from the prior year as they target $150 million in cuts. Newmark was a bright spot, with revenue falling only 7.3% as it took market share from rivals.
WE-BANKRUPT: The WeWork business model of “Regus + napping pods + craft beer” has finally succumb to the realities of finance. And Adam Neumann is trying to get involved again:
He’s running …
— Bobby Fijan (@bobbyfijan)
Nov 7, 2023
CONGESTION: Cost of trucking congestion peaked at $94.6 billion. Research from the American Transport Research Institute found annual trucking congestion costs over $94 billion, and generated 1.27 billion hours of delay. The report details the top states and metro areas for high congestion, with NYC ($5.5B), Miami ($2.6B), and Chicago ($2.6B) metros listed as the worst offenders.
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: Tumwater, WA - 12.5 acre IOS
Address: 2840 Black Lake Blvd SW, Tumwater, WA 98512
Features: Cleared, graveled and secured
Close To: Black Lake Blvd, I-5 via Hwy 101,
Buildings: 8,325 SF total structures, with 1) Warehouse 1: 2,100 SF, 18’ clear height, 50’ x 42’ dimensions, 1 loading, oversized grade level door, leased through September 2025; 2) Covered Storage: 2,925 SF, 14’ clear height, 45’ x 65’ dimensions, leased through September 2025; 3) Warehouse 2: 2,100 SF, 18’ clear height, 50’ x 42’ dimensions, 1 loading, oversized grade level door; 4) Office: 1,200 SF, 40’ x 30’ dimensions, weight scale, restrooms, kitchenette
Zoning: Heavy Industrial
FOR SALE: Haltom City, TX - 4.5 acre with 14,000 SF
Address: Eden Drive Portfolio, Haltom City, TX 76117
Features: Fenced lots, value-add opportunity with existing short-term leases
Close To: Hwy 121, I-35, and Loop-820, Downtown Dallas and DFW Airport.
Buildings: 14,500 SF building space containing 2.08 acre building 1, 12,000 SF building 2 and 2,500 SF building 3
Zoning: M-2 Zoning
Rental Rate: Building 1: $4,500/mo, Building 2: $5,650/mo, and Building 3: $4,000/mo
IOS FOR LEASE
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
FOR LEASE: Marietta, GA - 17 acre low-coverage industrial
Address: 1000 Loudermilk Drive, Marietta, GA 30060
Features: 5.5 acres of paved outdoor storage with 6” concrete, fully fenced, lit, all utilities on site
Buildings: 80,964 total SF across 4 buildings, 8,607 SF of office, 4 dock-high doors, 14 grade-level doors
Close To: I-75, Hwy 41, I-285
Zoning: Heavy Industrial
Rental Rate: Upon request
Broker: Jay Padgett at 404-465-9050
FOR LEASE: North Charleston, SC - 5.66 acres IOS
Address: 2003 Cherry Hill Ln, North Charleston, SC 29405
Features: Fully fenced and lit yard
Close To: Charleston International Airport, Hugh Leatherman Port
Buildings: 8,184 SF truck terminal with office, 18‘ eaves, 20‘ center, 20 position terminal, 19 docks and1 drive-in door
Rental Rate: $9,000 /acre/month
ONE MORE THING
IOS paving quote. Continue to be taken aback by concrete cost.
Tenant approached us about re-paving 1.5 AC of outdoor storage area. Recently received 2 quotes from local GCs.
Concrete paving: $16-$17/SF
Asphalt paving: $8-$10/SF
Any comparable quotes? twitter.com/i/web/status/1…
— Hunt Rose | Class B Industrial Guy (@NNN_Industrial)
Nov 1, 2023
SECURE THE MUG!
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