IOS Daily - October 25 - REDCO/Blackbird acquire Washington IOS

NEWS ROUNDUP

LEASE SIGNED: Adana Capital signs IOS lease in Kansas City. Adana Capital recently signed a 10-year lease with Herc Rentals at 4100 N. Kimball Drive in Kansas City. Fischer-Weiler Industrial (FWI) represented both parties. The site included a 14,052 SF drive-through maintenance facility with 22’ clear height. The Adana team included Charles Lintakoon and Ross Graves.

ACQUISITION: REDCO-Blackbird JV pays $6.3 million for 7.4 acre IOS. Bay-area REDCO Development and Blackbird Investment Group acquired an off-market IOS at 7702 River Rd in Puyallup, WA for $851,351 per acre. “River Road presents an exceptional opportunity given its attractive basis, prime location, site optionality, and compelling future development potential.” -Jason Freise, REDCO. For leasing: Matt Murray or Matt McLennan.

BUILD TO SUIT: Timber Hill-Champion to develop Mainfreight terminal in Carol Stream, IL. A JV between Timber Hill Group and Champion Realty Advisors is building a 57,100 SF freight terminal on 15.8 acres. The terminal will feature 81 dock doors, parking for 92 cars, 88 trailers, and 44 tractors and serve as Mainfreight’s North American HQ. The property was acquired in May 2023, and completion is expected in early 2025.

NYC BOROUGHS: CushWake report highlights IOS as growth driver. “Throughout the initial three quarters of the year, the Outer Boroughs’ market fundamentals remained stable despite decreasing demand. Companies continued to be drawn to industrial outdoor storage and low-coverage properties, with a keen focus on on-site trailer/van parking and adequate loading requirements.” -Dimitri Mastrogiannis, Cushman Wakefield

BANKRUPTCY: Convoy, Inc digital freight brokerage shuts down. According to a letter to employees, the firm spent many months exploring strategic options but could not come to terms. Potential acquirers were rumored to include CH Robinson. Convoy found itself in “the middle of a massive freight recession and contraction in the capital markets. This combination ultimately crushed our progress at the same time that it was crushing our logical strategic acquirer.” -Dan Lewis, Convoy 

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 - CALL FOR OFFERS MONDAY, OCTOBER 30: Lakeland, FL – 6.44 acre IOS with development upside

Address: 2372 Old Combee Rd, Lakeland, FL 33805

Features: Fully leased month-to-month at $3,640 per month, water and sewer available

Close To: Industrial node with Walmart logistics, Amazon fulfillment, Saddle Creek logistics, SR 33, SR 659, and I-4

Zoning: I-2 (City of Lakeland)

Info: LINK

Asking Price: $1,600,000

Broker: David Hungerford at 863-660-3138

FOR SALE: Lithonia, GA – 10 acre IOS

Address: 2700 Turner Hill Rd, Lithonia, GA 30058

Features: Class A facility, 400+ trailer spots, heavy-duty asphalt paving, fencing, 11’x55’ striping, coded access gate, solar-powered LED lighting

Close To: Immediate access to I-20 east of Atlanta, onward to the I-285 loop and ATL airport, I-675, and I-75

Buildings: Shop buildings can be built-to-suit

Availability: Currently under construction with Q1 2024 delivery date

Info: LINK

Brokers: Stephen Bridges at 404-909-1560 or Matt DiLeo at 404-435-6869

FOR SALE: Plymouth, MI – 3.05 acre IOS

Address: Ridge Rd, Plymouth, MI 48170

Close To: Detroit Metropolitan Airport

Zoning: Lt Industrial

Info: LINK

Broker: Steve Gordon at 248-948-0101 or Dave Green at 248-948-4184

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)

Info: LINK

Availability: January 1, 2024

Brokers: Mark Childs at 503-504-3298 or Bruce Clarkson at 206-399-6218

FOR LEASE: Waynesboro, VA – 2.5 acre IOS

Address: 0 Genicom Dr, Waynesboro, VA 22980

Features: Fenced parking

Close To: Charlottesville-Albemarle Airport

Info: LINK

Rental Rate: $1,500 per acre or $100 per trailer/month

Broker: David Cruz-Palmer at 434-465-6681

FOR LEASE: Bloomington, CA – 0.65 acre IOS

Address: 2879 S Willow Ave, Rialto, CA 92316

Features: Block wall fencing, 25 parking spaces

Close To: 10 freeway and Ontario International Airport

Buildings: 1,484 SF of office space

Zoning: Heavy Industrial (M-2)

Info: LINK

Rent: Upon request

Broker: Juan Covarrubias at 951-816-1465

FOR LEASE: Marlboro, MD – 1-3 acre IOS

Address: Marlboro Pike, Upper Marlboro, MD 20772

Features: Frontage along Marlboro Pike.

Close To: Ronald Reagan Washington National Airport

Buildings: Warehouse, retail, and office space

Info: LINK

Brokers: Ross Conn at 301-275-5509 or Ryan Lombardi at 410-342-5263

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