IOS Daily - October 2, 2023 - PGM pays $1.9M per acre for IOS in Otay Mesa

NEWS ROUNDUP

1. LEASE SIGNED: InLight leases 5.5 acre IOS. InLight Real Estate Partners leased 2733 Forest Parkway in Ellenwood, GA to Percoy’s Truck Parking. Congrats to the InLight team: Jeff Berryhill, David Burch, Caryn Carreiro, and Matt DiLeo.

2. ACQUISITION: PGM Investments buys 2.1 acre yard in Otay Mesa for $4 million. PGM intends to develop a warehouse with a outdoor storage component to expand its Otay Mesa footprint. Jacob Castro and Chris Nelson with Inland Pacific repped PGM. Ramin Salehi, Joe Smith, and John Smith with CBRE repped the seller, Westport Properties.

3. LEASE SIGNED: 9606 Capital inks lease with Royal Mail subsidiary. Industrial & logistics investor, 9606 Capital, just purchased and 6641 Kinne St in Syracuse, NY and signed a 5-year NNN lease with GLS, a subsidiary of Royal Mail. Congrats to CIO Ned Mahic and the 9606 team!

4. FREIGHTTECH: Loadsmart acquires NavTrac. Loadsmart’s flagship product is Opendock, a warehouse and dock scheduling software used by more than 110,000 carriers at 3,000 warehouses. “NavTrac will enhance Opendock’s product by linking dock scheduling with NavTrac’s SmartGate vision system to unlock 100% yard visibility.” -Felipe Capella, founder and CEO of Loadsmart

5. RATES & FREIGHTS: Prologis CEO not a fan of hawkish rate hikes. Hamid Moghadam, CEO of Prologis, and Ted Decker, CEO of Home Depot, shared a keynote address recently. Moghadam criticized the Fed for overly aggressive rate hikes. Both executives said supply chains appear to be normalizing, but businesses are now prone to invest in more buffer inventory to avoid being caught flat-footed again. Sounds bullish for industrial and IOS.

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: Evans, CO - 3.92 acre low-coverage industrial

Address: 3901 W Service Road, Evans, CO 80620

Features: Paved parking area, gravel lot, fenced 7 gated, 200A 3P, utilities onsite, and ±235 FT of frontage

Close To: Highway 85, Union Pacific Railroad facility, Greeley-Weld County Airport

Buildings: Building 1: 6,100 SF office space with 8,300 SF warehousing, 8 10' x 12' drive ins, metal construction. Building 2: 7,682 SF, four 9' x14' drive in, metal construction

Zoning: Current zoning is RCR, but it is being changed to C-4 zoning. Outdoor storage is allowed through principle use of the premises under C-4 zoning

Info: LINK

Asking Price: $3,400,000

Rental Rate: $20,310/month industrial triple net

Brokers: Andrew Wiesemann at 318-267-1074 or Ashton Miller at 214-802-7299

FOR SALE: Los Angeles, CA – 2.1 acre IOS

Address: 9601-9625 S Alameda St, Los Angeles, CA 90002

Features: Paved and fenced, four ingress/egress points

Close To: I-105 Freeway Ramps, Port of Long Beach, Los Angeles International Airport and Long Beach-Daugherty Field Airport

Buildings: 12,000 SF metal buildings

Zoning: M-2 Zoned

Info: LINK

Asking Price: $6,900,000 USD

Broker: Mark Whitmanm at 213-627-0007 Ext 124

FOR SALE: Pomona, CA – 1.22 acre IOS

Address: 1940 W Holt Ave, Pomona, CA 91768

Close To: 71, 57 and 10 Freeways and Ontario International Airport

Zoning: C4-M1 (Urban Neighborhood)

Info: LINK

Asking Price: $4,000,000 ($3,278,688.52/AC)

Broker: Ron Mgrublian at 562-354-2537

FOR LEASE: Bronx, NY - 93,822 SF high cube building + 175,000 SF parking and storage

Address: 1110 Oak Point Ave, Hunts Point, Bronx, NY 10474

Close To: I 87, I 95 and Bruckner expressway

Buildings: 93,822 SF consisting of 70,549 SF warehouse, 16,981 SF mezzanine, 3,146 SF locker restrooms, 3,146 SF 2nd floor office, 40’ - 60’ clear height, 4 drive-in doors and 2 loading docks

Zoning: M3-1

Info: LINK

Brokers: David Junik at 718-371-6406 or Fredric Stein at 718-371-6409

FOR LEASE: Gardena, CA - 8.38 acre IOS

Address: 19401 S Main St and 19204 S Figueroa St, Gardena, CA 90248

Close To: I-405 and 110, Downtown Los Angeles, Port of Long Beach and the Port of Los Angeles

Buildings: 19204 S Figueroa: 11,600 SF warehouse, 24-foot ceiling heights, three drive-in bays, and 277/480-volt, 1,600-amp, 3-Phase system

19401 S Main: A two-story, 28,000 SF warehouse featuring 4,500 to 13,500 SF office space, 24 feet of clear height, four dock doors, one drive-in door, and 600-amp, 277/480-volt, 3-Phase power

Zoning: 19204 S Figueroa is MH and D zoned; 19401 S Main is ML and D zoned

Info: LINK

Availability: 120,000 SF ready for occupancy on May 1, 2024, and 53,000 SF available in December 2024

Rental Rate: $13.20 /SF/YR

Broker: Rachel Park at 949-426-0926 

FOR LEASE: Raleigh metro, NC – 2 acre IOS

Address: 1734 5 Points Lane, Fuquay-Varina, NC 27526

Features: To be fenced and graveled, 27,000 VPD

Close To: future I-540 interchange at Hwy 401

Zoning: H1

Info: LINK

Brokers: Kyle Gross at 919-710-6400 or Ryan Lawler at 949-291-3896 or Will Judy at 919-606-1956

FOR LEASE: Minneapolis, MN – 7.5 acre IOS (multiple parcels)

Address: 322 W 59 1/2 St, Minneapolis, MN 55419

Features: Fully fenced and paved, active rail spur (BNSF, Canadian Pacific, and Progressive)

Close To: Interstate 35W, MSP Airport and downtown Minneapolis

Buildings: 264,947 SF outdoor storage, total 61,677 SF buildings area, and 14 drive-in doors

Info: LINK

Brokers: Tom Bennett at 952-924-4897 or Tom Hayhoe at 952-924-4808