IOSList - September 1, 2023 - Lee & Associates racks up 2 IOS leases

NEWS ROUNDUP

1. 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.

2. 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

3. 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.

4. 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.

5. 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.

6. 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

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

Info: LINK

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

Zoning: M-2

Asking Price: $3,950,000

Info: LINK

Brokers: Brian Riffel at 702-836-3773 or Tyler Jones at 702-836-3754

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

Info: LINK

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

Info: LINK

Asking Price: $4,175,000

Brokers: Sean Durkin at 206-773-2682, Chris Reid at 425-818-2650, or John Brussa at 425-891-1424

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

Zoning: M-1

Info: LINK

Asking Price: $2,200,000

Lease Rate: $12,000 per month NNN

Brokers: Chad Kirkorsky at 480-330-2824 or Nick DePaul at 480-414-3818 or Preston Brimhall at 602-619-9350

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

Info: LINK

Brokers: Larry Genet at 786-496-0440, Tom O’Loughlin at 954-356-0468, or Noah Ohayon at 305-916-9351

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

Zoning: ML-2

Info: LINK

Brokers: Justin Smith at 704-517-9985 or Greg Gosselin at 336-408-9726

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

Info: LINK

Brokers: McLane Fisher at 410-685-9884 or Oliver Fryer at 410-951-9175

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

Info: LINK

Brokers: Will McFarlin at 770-410-1900 or Nat Weikert at 678-575-4607