IOS Daily - October 27 - Ridgecut Road and Marcus Partners sign EquipmentShare in NJ
Ridgecut-Marcus JV leases IOS in NJ. Zenith develops IOS in Tampa Bay. DryPort breaks ground in Hutchins. Old Dominion retains Yellow revenue. Seven new IOS deals.
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LEASE SIGNED: Ridgecut Road and Marcus Partners ink IOS lease in New Jersey. A JV between Ridgecut Road and Marcus Partners landed a lease with EquipmentShare at 456 Hollywood Ave in South Plainfield, NJ. The property includes an 11,500 SF industrial building on 4 acres of industrial outdoor storage. Bussel Realty Corp brokers Jordan Metz and Ben Abbate represented EquipmentShare. Cushman & Wakefield broker Jason Barton represented the ownership team of Scott Shalek and Eric Shalek with Ridgecut Road and Todd Minerley of Marcus Partners.
DEVELOPMENT: Zenith to develop new IOS in Tampa Bay. Zenith Industrial Outdoor Storage is set to develop an industrial outdoor storage property in Clearwater, FL. The 20-acre project is part of Sunshine Industrial Park, an 83-acre property that Zenith IOS acquired in September of last year for $27.5 million. The property will deliver in Q1 of 2024, and Brad Hutton with Franklin Street is handling leasing.
DEVELOPMENT: DryPort breaks ground on Riggy’s Wintergreen. DryPort Capital broke ground on a 20-acre truck parking and IOS site at 1301 and 1351 West Wintergreen Road in Hutchins. The facility will be called Riggy’s Wintergreen and will be managed by DryPort’s operating company, Riggy. The company expects to complete construction in the second quarter of next year. Wilson Brown and Trapper Graff with CBRE Dallas will handle leasing.
EARNINGS: Old Dominion retains revenue bump from Yellow shutdown. Old Dominion Freight Line handled nearly 2,600 more shipments each day in the third quarter than it did in the first six months of the year. The lift in volumes was tied to Yellow’s exit as broader trends “reflect continued softness in the domestic economy.”
FUNDING: Freight marketplace Transfix lands $40M venture round. Venture funds New Enterprise Associates, G Squared, and Canvas invested $40M to help Transfix reach profitability. The firm was considering a public offering prior to softening interest from tech investors and a freight slowdown. Transfix has raised a total of $124.6M.
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: Rialto, CA – 0.65 acre IOS
Address: 2879 S Willow Ave, Rialto, CA 92316
Features: Smaller outside storage possible, block wall around the property, 25 parking spaces
Close To: 10 freeway, Ontario International Airport
Buildings: 1,484 SF of Office Space (Fits 4 - 12 People), converted SFR to office.
Zoning: Heavy Industrial (M-2 - SFR conversion)
Broker: Juan Covarrubias at 951-816-1465
FOR SALE: El Centro, CA – 9.5 acre ISF
Address: 1963 Old Highway 111, El Centro, CA 92243
Features: Eastern portion is paved, water onsite treatment is required, electricity is believed to be available, improvements are in disrepair
Close To: HWY-111, E Evan Hewes HWY, Two Ports of Entry Border Crossing
Zoning: M-1-U Light Industrial, Urban Overlay. Light Industrial zoning allows for a variety of uses, including wholesale commercial, storage, trucking, and other light industrial uses.
Asking Price: $1,600,000
FOR SALE: Rochester, Washington - 6.5 acre IOS
Address: 10332 School Land Rd SW, Rochester, Washington 98579
Features: Black slatted fence, barbed wire, rail access
Close To: Interstate-5
Buildings: 16,000 SF industrial space throughout 4 buildings. Building 1 - 7,050 SF, 3 grade level doors. Building 2 - 5,680 SF, 2 grade level doors and dock ramp. Building 3 - 2,400 SF, 3 grade level doors. Building 4 - 840 SF office with kitchenette and restroom.
Zoning: RRI (Rural Resource Industrial)
Asking Price: $1,750,000 ($110/SF)
IOS FOR LEASE
FOR LEASE: La Vergne, Tennessee - 8 acre IOS
Address: 470 Dick Buchanan Street, La Vergne, Tennessee 37086
Features: Perimeter fencing, crush and run pavement, divisible to 7 and 8 Acres
Close To: Nashville International Airport
Buildings: 12,000 SF maintenance facility with 6 drive thru bays, 2,000 SF office, 14' x 16' drive-in doors
Zoning: I - zoned
Availability: Under Construction completing in March 2024
Rental Rate: $50,000 per month NNN
FOR LEASE: Allentown, PA – 10.82 acre IOS
Address: 1384 S 5th Street, Allentown, PA 18103
Features: 4 acres immediately available, 165 trailer parking spaces (conceptual)
Close To: I-476, I-78, US 22, PA-309, drive to Philadelphia, Wilmington, New York, and related airports/ports in under 2 hours
Zoning: I-2 (outdoor storage, industrial equipment rental/sales, and truck terminals permitted by-right)
FOR SALE/LEASE: Milwaukee, Wisconsin – 3.39 acre low coverage industrial with IOS
Address: 5840 N 60th St. Milwaukee, Wisconsin 53218
Features: 7.217 acre fenced-in lot, 3.39 acres wooded and partially paved, 90 parking spaces, power supply available
Buildings: 45,818 SF property with 24,000 SF of high-bay warehouse, one (1) shared dock and two (2) designated docks with levelers
Rental Rate: $4.25/SF Modified Gross
ONE MORE THING
Relationship banking is in big trouble.
Diversifying your banking relationships is very important these days.
Had a conversation with a banker telling me that even 30 years of relationships don't matter at his bank anymore.
The requirements are the requirements and everyone… twitter.com/i/web/status/1…
— Jeff Feldman (@JeffFeldman_)
Oct 20, 2023
“Relationship” on the way up, “just business” on the way down.
SECURE THE MUG!
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