IOS Daily - October 25 - REDCO/Blackbird acquire Washington IOS
Adana Capital signs Herc in KC. REDCO-Blackbird buy IOS in Washington. Timber Hill-Champion secure BTS for Mainfreight. Convoy closes doors. Eight new IOS deals.
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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
TENANT SPACE NEED
Pittsburgh / Penn Hills, PA - Two to five acres needed. Repo yard for vehicles, tenant needs gravel or asphalt lot: SUBMIT for PITT/PENN.
IOS FOR SALE
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
Asking Price: $1,975,000
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)
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
FOR SALE: Plymouth, MI – 3.05 acre IOS
Address: Ridge Rd, Plymouth, MI 48170
Close To: Detroit Metropolitan Airport
Zoning: Lt Industrial
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: Waynesboro, VA – 2.5 acre IOS
Address: 0 Genicom Dr, Waynesboro, VA 22980
Features: Fenced parking
Close To: Charlottesville-Albemarle Airport
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)
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
ONE MORE THING
Recently attended the SIOR Fall Conference in Chicago. It was a great event!
I compiled a list of notes and common themes from brokers, REITs, and industry analysts.
NOTE: comments are focused on the industrial sector
· SIOR is the Society of Industrial and Office Realtors –… twitter.com/i/web/status/1…
— Hunt Rose | Class B Industrial Guy (@NNN_Industrial)
Oct 23, 2023
SECURE THE MUG!
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