IOSList - September 1, 2023 - Lee & Associates racks up 2 IOS leases
USPS bombs with automated forklifts. Broken record: freight market is unprofitable. Lee & Associates notches 2 IOS leases. Texas border towns taking freight share from SoCal. Ten new IOS deals
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USPS tried to save money with automated fork lifts. It didn’t work. "The Postal Service’s Office of Inspector General found that 350 automated guided vehicles deployed between October 2019 and April 2022 were severely underused, which led to a $105 million shortfall in labor savings the equipment was supposed to generate for the agency.
The freight market is still soft and unprofitable for many. "Almost every mile driven in the spot market could be a losing mile. Even for large carriers who only go into the spot market 15% of the time, it only makes sense for a backhaul to a contract load. We have yet to see capacity reduction at the pace many predicted before.” -Mazen Danaf, applied scientist and economist at Uber Freight
LEASE SIGNED: Lee & Associates inks a 5.4 acre IOS lease in Dallas. The 20,020 SF Class A truck maintenance facility is located at 2626 W, Pioneer Pkwy in Grand Prairie, TX 75051. Jarrett Huge and Alex Wilson represented MHC Truck Leasing, LLC as tenants and Abdalla 2816 Pioneer, LLC as the property owner.
LEASE SIGNED: Lee & Associates closes 36 acre IOS lease in Dallas. The site is located at 0 E Hwy 114 in Rhome, TX 76078. Alex Wilson represented the buyer, Metro Companies. Nathan Denton and Jeremy Mojica represented the seller, W & L Jones Realty Holdings, LP.
Painful look at the current state of the CRE industry. All aboard the pain train: 11 interest rate hikes (thanks J-Pow), skyrocketing insurance premiums, stubbornly high construction costs, syndicators on Tik Tok. Despite the pain, the distress level on CRE loans is only around 2%. As someone who lived (and bought) after the GFC, this time is way different. There is plenty of equity cushion and vibrant rescue capital ready to deploy.
Texas border towns and Phoenix are taking freight share from SoCal. “Aggregate demand has dropped across the country since early 2022, with California’s share of that demand falling faster than many other origins, especially Phoenix and some of the Texas markets. Truckload demand has doubled in Texas border towns of Laredo and McAllen.”
THE COST OF MONEY
IOS FOR SALE
FOR SALE: Forest Lake, MN – 42.8 acre IOS
Address: 13655 Lake Drive NE, Forest Lake, MN 55075
Features: Functional shop space, crushed concrete and gravel lot with some concrete, front half is fenced with gated entry, and great highway access
Close To: I-35W, I-35E and Minneapolis–Saint Paul International Airport
Buildings: Building 1 is 7,300 SF, Building 2 is 5,500 SF, Building 3 is 2,400 SF and Building 4 is 2,500 SF
Zoning: (C/I) Commercial/Industrial
Asking Price: $4,660,920 ($2.50 per land SF)
FOR SALE: Ellenwood, GA – 5.5 acre IOS
Address: 2733 Forest Parkway, Ellenwood, GA 30294
Features: Class A facility, 200+ trailer spots, heavy-duty asphalt paving, fenced perimeter, guard shack, 11’×55’ striping, solar-powered LED lighting
Close To: I-675 and Moreland Ave, with easy accessibility to I-75, I-285, and Hartsfield-Jackson Atlanta International Airport
Buildings: Shop and other buildings can be built-to-suit
Broker: Stephen Bridges at 404-909-1560
FOR SALE: Las Vegas, NV – 3.78 IOS development site
Address: 5791 N. Lamont Street, North Las Vegas, NV 89115
Features: Utilities adjacent to site, billboard income, potential to assemble adjacent parcels
Close To: I-15 at Lamb Blvd or Tropical Parkway, North Las Vegas Industrial Corridor, North Las Vegas and McCarran International Airport
Asking Price: $3,950,000
FOR SALE: Lancaster, CA – 3.88 acre IOS
Address: 42653 N Sierra Hwy, Lancaster, CA 93534
Close To: Freeway 14, Ave L and Columbia Way
Buildings: 2,380 SF building with 2 restrooms, 175 ft of frontage along Sierra Hwy
Zoning: Light Industrial
Asking Price: $1,200,000
Broker: Harvey Holloway at 661-609-8173
FOR SALE: Kent, WA – 1.77 acre IOS + 2 parcels
Address: 24432-24600 Pacific Highway S, Kent, WA 98032
Features: Fully fenced, camera secured and lit site
Close To: Hwy 516, I-5, Port of Tacoma, Seattle-Tacoma International Airport
Buildings: 704 SF office building, 2,400 SF shop with 2 car lifts, 1,416 SF covered awning area, 1,140 SF covered open shop area and 720 SF modular office
Zoning: Commercial Manufacturing
Asking Price: $4,175,000
FOR SALE or LEASE: Glendale, Arizona – 2.4 acre IOS
Address: 8222 North 67th Ave, Glendale, Arizona 85302
Features: Water, gas electric, multiple large covered work areas
Close To: Hwy 60, I-10, I-17, Grand Avenue and Phoenix Sky Harbor International Airport
Buildings: Fenced contractor’s yard with 2 residential structures, 2,856 SF office space
Asking Price: $2,200,000
Lease Rate: $12,000 per month NNN
IOS FOR LEASE
FOR LEASE: Deerfield Beach, FL – 22.7 acres ISF
Address: 2501 Wiles Road, Deerfield Beach, FL 33073
Features: Secured, water, gas and power supply, 3 points of ingress and egress and 531 trailer stalls available, divisible from 2-22.7 acres
Close To: Highway accessibility to the Florida Turnpike and I-95
Building Options: 15,923 SF maintenance facility on-site, 7 drive-thru service bays, 2,000 SF office, 11,286 SF office building, 3,000 SF warehouse/service building, 5 service bays and 500 SF office, 800 SF office/dispatch building.
Zoning: I-2, Heavy Industrial Zoning, City of Deerfield Beach
FOR LEASE: Charlotte, NC – 16.47 acre IOS
Address: 725 Lawton Road, Charlotte, NC 28216
Features: Fenced, secured, lit, private drive, gated, city sewer and city water
Close To: Interstates 485, 85, and 77; Hwys 16, 24, 29; Charlotte Douglas International Airport Cargo Terminal, Charlotte CBD, Norfolk Southern and CSX lines, Amtrak passenger rail
Buildings: 4,600 SF office building
FOR LEASE: Baltimore, MD – IOS with 18 paved acres
Address: 3501 E Biddle Street Baltimore, MD 21213
Features: Fully fenced, gated, with site lighting, recent asphalt improvements, multiple means of ingress/egress, 6 dock-high loading positions with hydraulic pit levelers built into the yard
Close To: I-95, Dundalk Marine Terminal and Seagirt Marine Terminal
Buildings: 25,632 SF warehouse, 2,000 SF office, 4 docks (expandable), 2 at grade drive-ins (expandable)
Zoning: M-3, Baltimore City Enterprise Zone
FOR LEASE: Medley, FL – 7.5 acre IOS
Address: 9501 NW 106th St. Medley, FL 33178
Features: Concrete and asphalt paved lot with fencing, striping, gate, 17 auto stalls and 222 trailer stalls
Close To: FL Turnpike, Hwy 27, I-75, Miami International Airport, Port of Miami
Rent: $12,000/acre/month NNN
ONE MORE THING
Real estate is not the real estate business, it is the information business. If your information is not top notch, you will be out of business.
— Bob Knakal | NYC Investment Sales (@BobKnakal)
Aug 30, 2023
Preach, Bob. Friends don’t let friends buy IOS without IOSList.
SECURE THE MUG!
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