IOS Daily - October 4, 2023 - Big acquisitions from Stockbridge, Ramser, Dalfen/Centerbridge

NEWS ROUNDUP

1. ACQUISITION: Ramser buys Orlando IOS. Ramser Development Company recently closed on a 14.2-acre, paved, secured, and striped lot for trailer parking. “Seminole and Patch Industrial Outdoor is a standout property offering much-needed secure truck parking in the Orlando industrial market.” -Adam Deermount, CIO at Ramser

2. ACQUISITION: Stockbridge buys Pompano Beach IOS from Imperium. Stockbridge paid $7,000,000 ($50/psf) for 1377 Hammondville Rd. The brokers on the deal were Steven Bentolila from Oxford Property Group, Solomon Michailow with S2 Property Group, and Larry Genet with CBRE.

3. ACQUISITION: Centerbridge/Dalfen JV closes on Inland Empire IOS. The Riverside property is a 4.1 acre trailer yard, and the JV plans to pave, light, and fence the property by year end. “This acquisition plants our flag in the premier logistics market of the West Coast, with the opportunity to deliver Class A IOS product that is in limited supply and zoned for a high-demand tenant use across Southern California.” -Willis Fries, Dalfen Industrial

4. LOGISTICS: Auto and food-bev softening hitting 3PL demand. CBRE’s initial forecast was for 3PL market share to reach close to 40% in 2023 but it now suggests that it will decline as food & beverage and auto-related users expand. Additionally, the firm sees less demand for new industrial construction, causing vacancy rates to tick up more than it initially expected. CBRE said the 3.7% vacancy rate at the end of Q2 could hit 4.5% by year’s end.

5. TRUCK PARKING: Freight Ninja is adding locations. The Chicago-based company is expanding their truck parking portfolio with new locations in Dallas, Houston, Jacksonville, La Vergne (Nashville), Memphis, and Salt Lake City. The new additions will bolster Freight Ninja’s existing 18-property portfolio in the Midwest.

FOR SALE: Norcross, GA – 2.1 acre IOS

Address: 4303 Communications Drive, Norcross, GA 30093

Features: Paved, fenced, lit, security system, 53 parking spaces, 100% occupied with tenants on month-to-month leases

Close To: I-85 and Midtown Atlanta

Zoning: M-1 zoning

Info: LINK

Asking price: $2,200,000

Broker: Connor Cohen at 678-429-6098

FOR SALE/LEASE: Spring, TX – 5.67 acre IOS yard

Address: 6995 Louetta Rd, Spring, TX 77379

Features: Fully fenced, 60 foot wide access driveway, water available, ± 3 acres of stabilized yard

Close To: Houston George Bush Intercontinental Airport, SH 249, the Grand Parkway and FM 1960

Info: LINK

Asking Price: $750,000

Rental Rate: $5,250/month

Brokers: Tyler Torres at 281-898-0895 or Alex Wisnoski at 281-415-1913

FOR SALE or LEASE: Joliet, IL - 58 – 123 acre heavy industrial parcel

Address: Mound Rd, Joliet, IL 60436

Features: 3,500’ of I-80 frontage, public utilities adjacent to site, credits available: tax, energy, carbon emissions, methane recapture

Close To: I-80 and I-55, Centerpoint Intermodal

Zoning: I-2 Heavy Industrial

Info: LINK

Broker: Mike Hawryluk at 847-736-3040

FOR LEASE: Brooklyn, NY – 3.7 acre IOS

Address: 688 Court Street, Brooklyn, NY 11231

Features: Gated, paved, drainage, sprinkler system, 3,000 amps for EV charging requirements, proposed parking for 277 vehicles

Close To: Brooklyn-Queens Expressway (I-278), Hugh L. Carey Tunnel (I-478), and New York State Route 27 and Laguardia Airport

Buildings: 15,000 SF warehouse with ancillary office space, 5 roll up doors, and 30’ - 40’ ceiling heights, 2 automatic gates on Court Street and Clinton Street

Zoning: M3-1

Info: LINK

Brokers: David Junik at 718-371-6406 or Cindy Chang at 212-759-8741

FOR LEASE: Nashville, TN - 6.61 acre IOS

Address: 733 Massman Drive, Nashville, TN 37210

Features: Fully fenced and lit, power supply available, 60+ trailer parks on-site

Close To: I-40, I-24, I-440 and Briley Parkway, Downtown Nashville and Nashville International Airport

Buildings: 18,260 SF terminal building, 52 dock high doors with levelers and 3,330 SF of office.

Zoning: IWD and IR

Info: LINK

Brokers: Melissa Alexander at 901-270-4031 or W.B. Scoggin at 615-730-2495 or Casey Flannery at 901-289-0215

FOR LEASE: Houston, TX – 6 acre IOS

Address: 11900 Hirsch Rd, Houston, TX 77050

Features: Large stabilized yard, fenced and gated, water, gas and power supply available

Close To: US 69, Winfield/Hirsch Intersection, Port of Houston and Houston George Bush Intercontinental Airport

Buildings: 37,900 SF across multiple buildings: 1) 3,350 SF main office building; 2) 11,755 SF crane-served building; 3) 10,200 SF office/warehouse; 4) 7,500 SF warehouse; 5) 5,100 SF ancillary warehouse

Zoning: F1 - Not subject to zoning restrictions

Info: LINK

Rental Rate: $0.85/FT NNN ($10.20 /SF/YR)

Brokers: John Ferruzzo at 713-231-1636 or Matthew Morrison at 713-270-3350

FOR LEASE: Lodi, California - 1.2 acre IOS

Address: 200 N. Beckman Road, Lodi, CA 95240

Features: Fenced, new seal coat and striping, paved yard, 200 amps, 240V, 3-phase power

Close To: Highway 99 frontage and Port of Stockton

Buildings: 2,560 SF building/shop, 2,640 SF open covered shed, 1 drive in bay, 600 SF office, 600 SF mezzanine, fully conditioned, R19 insulated, 14’ - 20’ clear

Zoning: M

Info: LINK

Brokers: Wes Widmer at 209-598-0331 or Mike Goldstein at 209-475 -5106 or Alex Hoeck at 209-851-1191