IOS Daily - September 25, 2023 - Interest in Yellow truck terminals at 2-11x the appraised values.

NEWS ROUNDUP

1. DEVELOPMENT: Zenith recently completed a trailer drop yard at 5225 S 43rd Ave in Phoenix. The firm partnered with user Premier Trailer Leasing on the project. Hats off to the drivers for that crisp trailer parking in the photo above! Max Schumacher and Patrick Sheehan with Rein & Grossoehme assisted in getting the deal closed.

2. YELLOW: Truck terminal sale will repay secured creditors. “A hearing held last week revealed that initial indications of interest for some of the real estate has been as much as two to eleven times appraised value. At the hearing, counsel for Yellow also said that the proceeds from the terminal sales will likely be more than enough to repay all outstanding amounts due to secured creditors.” IOS saves the day.

3. LEASE SIGNED: JLL brokers lease on Manassas IOS. JLL’s Metro DC Industrial team represented Open Industrial (landlord) and a national infrastructure company (tenant) on a lease for an 8.7-acre IOS in metro DC. Open Industrial, the largest IOS investor in metro DC, purchased the property vacant in 1Q23. Deal team included Michael Rabin, Ryan Burrows, John Dettleff, Jared Okun, Blake Potolicchio, Guggan Datta, Peter Shkreli, Michael Hutton, Matt Potolicchio, Dan Coats, Abbot Wallenborn, and Geoff Thomas.

4. CONTAINER RATES: Container shipping rates slip as peak season ends. “Container market sentiment continues to deteriorate, with freight rates still slipping and little prospect for a rate rebound in October despite carriers’ efforts to contain capacity availability through blanked [canceled] sailings.” -Freightwaves

5. EV TRUCKS: Volvo hydrogen fuel cell trucks perform well on the test track. In 2021, Volvo paid rival Daimler Truck $650 million for a 50% stake in a hydrogen fuel cell manufacturer. Daimler wanted to defray the cost of the initiative, and Volvo wanted hedge its bets on a non-diesel future. Volvo hopes that 50% of its new trucks are electric by 2030 and hopes 100% of its offerings are zero-emission by 2040.

FOR SALE: Grove City, OH – 8.86 acre IOS

Address: 2333 Harrisburg Pike, Grove City, OH 43123

Features: 500 feet frontage, water, natural gas and electric available, adjacent to rail line

Close To: I-270, John Glenn Columbus International Airport

Buildings: 4,800 SF garage/shop, single family home

Zoning: M

Info: LINK

Asking Price: $2,750,000

Broker: Yuriy Boot at 614-687-2711

FOR SALE or LEASE: Brea, CA – 5.36 acre IOS

Address: 1560 W Lambert Rd, Brea, CA 92821

Features: Paved, fenced, gated, multiple points of ingress/egress

Close To: 57 Freeway and Imperial Highway, Port of Long Beach, Long Beach-Daugherty Field Airport and John Wayne Airport

Buildings: 25,930 SF industrial building

Zoning: M2

Info: LINK

Brokers: Keith Greer at 714-371-9209 or Ben Seybold at 714-371-9233 or Sean Ward at 714-371-9222

FOR LEASE: 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

Info: LINK

Brokers: Stephen Bridges at 404-909-1560 or Matt DiLeo at 404-435-6869

FOR LEASE: Ellenwood, GA – 3.25 acre IOS

Address: 2733 Forest Pkwy, Ellenwood, GA 30294

Features: Heavy duty asphalt, fenced and striped, with detention and solar-powered LED lighting

Close To: Route I-675, Moreland Avenue and Hartsfield-Jackson Atlanta International Airport

Buildings: Spaces drawn for 11’ x 55’ shop buildings

Info: LINK

Brokers: Stephen Bridges at 404-909-1560 or Matt DiLeo at 404-435-6869

FOR LEASE: Calhoun, GA - Truck Terminal and Trailer Parking

Address: 212 Robinson Road, Calhoun, GA 30701

Features: Truck terminal on 4.78 acres and additional 3.09 acre trailer parking with 70 spaces

Close To: Immediate access to I-75, US-41

Buildings: 25,000 SF truck terminal, 1,500 SF office, 43 docks, and 1 drive-in door

Available: February 2024

Zoning: I-1

Info: LINK

Broker: Calvin O’Keeffe at 404-281-6404 

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)

Info: LINK

Brokers: Lee Fittipaldi at 2153756115 or Kim Jacobsen at 610-400-0501 or Selwyn Simpson at 610-947-1952