IOS Daily - September 27, 2023 - North American port volumes near pre-pandemic levels

NEWS ROUNDUP

1. CLOSING: Triten acquires 4.19 acre Orlando IOS. Triten recently closed on 9390 Bachman Road in Orlando for $2,575,000 ($614,558 per acre). The site is zoned IND-2/IND-3 and currently leased. Panther Capital Group was the sole broker on the transaction. The deal team from Panther included Matthew Demetrius, Guillermo de Nicolas, and Danielle Brennan.

2. PORT DEVELOPMENT: NFI is expanding their Savannah port holdings. NFI has opened a transload facility adjacent to the Garden City Terminal at Port of Savannah. In addition, they have two more industrial properties under construction nearby, at 332,000 SF and 106,000 SF, that are available to lease directly via Troy Adams or via Colliers Savannah.

3. CBRE: North American port volumes near pre-pandemic levels. Cargo container volumes at the 14 major North American ports fell 18.6% year-over-year in the first half of 2023. Markets with the lowest vacancy rates were all seaports: Charleston (1.3%), Los Angeles, (1.5%), Oakland (2.4%) and Portland (2.6%). The inland port markets had the most combined net absorption in Q2 led by DFW at 60.4 million SF.

4. Industrial tops single-tenant net lease sales volume. Industrial grabbed a 53% share of total STNL deals in the first half, well above its historical average, as investors focus on “the massive rent upside” of this asset class. Retail STNL is still attractive to private capital investors. Office is down to 17% of the volume after peaking at 34%, with cross-border capital becoming a net buyer.

5. IOS DEBT CLOSING: BEB Credit is focused on IOS. BEB Credit provided acquisition and capex financing for an IOS property in Pompano Beach, FL. Sean Silverbrook with BEB Capital led the deal. BEB is targeting bridge loans of $2 million to $15 million loans, nationwide, on a number of industrial sub-types: development, IOS, cold storage, vacant, single or multi-tenant. The firm also provided the debt on Ridgecut Road’s recent acquisition in Cliffwood, NJ.

FOR SALE: Ellenwood, GA – 5.5 acre IOS

Address: 2733 Forest Parkway, Ellenwood, GA 30294

Features: Fully leased, 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: Miami, FL – 1.16 acre IOS

Address: 3500 Milam Dairy Rd, Miami, FL 33122

Features: Paved, fully lit, fenced and drained

Close To: Miami International Airport

Info: LINK

Broker: Patrick McBride at 786-433-2380

FOR SALE: Lake Worth, FL – 3.96 acre IOS

Address: 2201 7th Ave N, Lake Worth, FL 33461

Features: Filled, elevated, drained, lit and secured

Close To: I-95, Port of Palm Beach and Palm Beach International Airport

Buildings: Development potential for 50,000-65,000 SF of warehouse space

Zoning: I-POC (Industrial Park of Commerce, Light and Heavy Industrial, fully permitted for truck, trailer, and container parking)

Info: LINK

Brokers: Rodrigo Calderon at 786-877-3981 or Matthew Rotolante at 305-490-6526

FOR SALE: Valencia, CA – 12 acre IOS

Address: 25605 Rye Canyon Rd, Valencia, CA 91355

Features: Levelled grass

Close To: I-5 Freeway, Avenue Stanford and Rye Canyon Road and Bob Hope Airport

Zoning: Business Park (BP)

Info: LINK

Brokers: Craig Peters at 818-907-4616 or Sam Glendon at 818-502-6745

FOR LEASE: Long Beach, CA - 1.4 - 1.6 acre IOS

Address: 260 Pico Ave, Long Beach, CA 90802

Features: Partially paved, water access, fencing possible with port approval

Close To: Within the Port of Long Beach, Long Beach-Daugherty Field Airport and Los Angeles International Airport

Info: LINK

Rental Rate: $8.82 /SF/YR Gross

Broker: Keith Slocum

FOR LEASE: Newark, NJ – 10 acre IOS

Address: 206-238 N 12th St, Newark, NJ 07107

Features: Fenced, paved, lit, secured

Close To: I-280, Lincoln Tunnel, Newark Liberty Int’l Airport, Ports Newark/Elizabeth

Buildings: 10,000 SF maintenance facility

Zoning: Zoned I-1 (Newark) & IND (East Orange)

Info: LINK

Brokers: Charles Fern at 732-243-3101, Thomas Tucci at 732-243-3120, Stephen Shoemaker at 732-452-6166, or Torsten Thaler at 732-243-3060

FOR LEASE: New Orleans, LA – 2.64 acre IOS

Address: 5050 Chef Menteur Hwy, New Orleans, LA 70126

Features: Concrete paved

Close To: Louis Armstrong New Orleans International Airport

Info: LINK

Rental Rate: $0.57 /SF/YR

Broker: Bill Soniat at 504-444-2409