IOSList - October 20, 2023 - Ocean West closes 4-property IOS portfolio in Inland Empire
Ocean West buys Inland Empire. Triten-Angelo Gordon set up $100M facility. DryPort leases IOS to Amazon. Zenith delivers IOS in Kansas City. Seven new IOS deals.
Good morning. This is IOSList, the (almost) daily newsletter that tees up the best of industrial outdoor storage so you can hit all the greens in regulation.
Off we go!
ACQUISITION: Ocean West Capital Partners closes 4-property Inland Empire IOS portfolio. The portfolio contained 3 sites in San Bernardino and 1 site in Fontana, all together totaling 21 acres. The combined portfolio will house 604 trailer stalls and maintenance facilities. Cushman Wakefield brokers Matthew Leupold, Jeff Chiate, Richard Ellison, Mike Adey, and Bradley Brandenburg handled the disposition. Seller was Western Realco.
FUND RAISE: Triten and Angelo Gordon set up $100M facility for IOS acquisitions. Patterson Real Estate Advisory Group advised the pair, and Axos Bank provided the guidance facility. “This facility provides Triten with a huge strategic advantage among competitors as we look to identify value in underperforming IOS deals. With the facility allowing us to execute our business plan before loan covenants kick in, our plan is to use this to acquire non-stabilized deals and deals with below market rent.” -Brent Ozenbaugh, COO of Triten
LEASE SIGNED: Amazon leases trailer parking from DryPort Capital. DryPort Capital operates a chain of truck and trailer parking facilities under the Riggy’s brand. Amazon signed a lease taking 88% of the of the 12.7 acre Riggy’s West 10 location at 30229 US Hwy 90 in northwest in Houston. Judd Harrison and Peter Billipp of KBC Advisors repped Amazon, and Jim Autenreith and Sam Rayburn of Moody Rambin repped DryPort.
YELLOW: Rolling stock auction could impact IOS landscape. Yellow’s rolling stock is set to be liquidated by a group of auction houses including Nation’s Capital, Ritchie Brothers, and Iron Planet. Yellow’s assets include roughly 12,000 tractors and 35,000 trailers, all of which could be moved to new locations for use and storage.
DEVELOPMENT: Zenith delivers and leases IOS in Kansas City. Zenith completed a renovation of 8100 Blue Parkway in Kansas City, and inked leases with ACERTUS and Kelly Pipe Co. Josh Haith sourced the deal and handled leasing for Zenith, and CBRE’s Peter Shikar represented ACERTUS.
IOS FOR SALE
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)
FOR SALE: Surrey, BC – 3.11 acre IOS
Address: 10198 Grace Rd, Surrey, BC V3V 3V6
Features: Flat, grade level, fencing and CCTV system, lighting poles, Sanitary, drainage, and water system
Close To: South Fraser Perimeter Road/Hwy 17, Hwy 1, Hwy 91, Patullo Bridge and Alex Fraser Bridge, Fraser Surrey Docks & Rail Yards
Zoning: IB-2 (Business Park)
FOR SALE: Sacramento, CA – 31.9 acre IOS
Address: 0 Elder Creek Rd, Sacramento, CA 95829
Close To: US 50, Sacramento International Airport
Buildings: Getting permission for 13,000 SF building and 6 bay Truck repair shop along with 450 truck parking area
Zoning: M 1 (Light Industrial Deve)
Asking Price: $11,000,000
IOS FOR LEASE
FOR LEASE: Kent, WA – 8.6 acre ISF
Address: 24300 Pacific Hwy S, Kent, WA 98026
Features: Fully fenced, lots of power, great location between the ports
Close To: I-5, Pacific Hwy S, Port of Tacoma and Seattle-Tacoma International Airport
Buildings: 3,200 SF service building, 3 oversized bay doors, drive through door, separate 1,040 SF office building
Zoning: GC (General Commercial)
Availability: January 1, 2024
FOR LEASE: Las Vegas, NV – 6.06 acre IOS
Address: 4710 E. Cartier Ave, Las Vegas, NV 89115
Features: Partially paved, fully sprinkled, septic tank
Close To: I-15, North Las Vegas Airport and McCarran International Airport
Buildings: 9,200 SF building including a 6,050 SF warehouse and 3,150 SF office, five grade-level doors, 22’ clear, 25 standard parking spaces, 400A, 120/240 V, 3% building coverage
Zoning: M-1 Zoning
Rental Rate: Negotiable
FOR LEASE: Phoenix, AZ – 5 acre IOS
Address: 4932 W Pasadena Ave, Phoenix, AZ
Features: Fire sprinklered, BNSF rail capable
Buildings: 51,502 SF industrial building, 11,000 SF office, 7 dock high loading doors and 2 oversized grade level doors
Zoning: M-2 Heavy Industrial
Availability: December 1, 2023
FOR LEASE: San Diego, CA – 2.35 acre IOS
Address: 9685 Via Excelencia, San Diego, CA 92126
Features: Secured fencing, lighting, site hook-ups for office trailer.
Close To: I-15, San Diego International Airport
Zoning: CO-3-1 City of San Diego, Permitted under the Mira Mesa Community Plan/ SDR 10
ONE MORE THING
We have a report about another venture-backed freight brokerage is out of cash, hasn't paid carriers and a bankruptcy filing is imminent.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley)
Oct 19, 2023
It is rough out there for freight brokerages, both asset-heavy and asset-light.
→Try our resources for IOS pros:
Advertise: Do you want your property listing, closing announcement, or job opening to be seen our army of 7,000+ IOS pros? Click to submit listings here: Submit Listings.