IOS Daily - September 29, 2023 - New IOS firm emerges on the scene

NEWS ROUNDUP

1. ACQUISITION: Dalfen + Centerbridge JV buys New Jersey IOS. The joint venture purchased its first IOS property in Old Bridge, NJ. The asset is 6.9 acres, is currently leased for truck and trailer storage, and offers convenient access to ports and highways. Congrats to the deal team, which included John Lettieri of Dalfen and Matt Dabrowski of Centerbridge.

2. FUNDING: Alterra secures $125 million commitment. The New Mexico State Investment Council pledged $100 million to Alterra IOS Venture III fund and $25 million to the fund’s co-investment vehicle. Another win for the Alterra team who just landed $75 million from Ohio Police & Fire.

3. ACQUISITION: Thirty-six acre IOS trades in DFW. A large IOS parcel at 5581 East State Highway 114 traded hands in August. The site is partially paved and used for truck and trailer parking. Price was undisclosed. Alex Wilson with Lee & Associates repped the buyer, and Jeremy Mojica and Nathan Denton with Lee & Associates repped the seller.

4. NEW IOS GROUP: PropTech VC firm Alpaca to target IOS. Alpaca VC has hired two veteran real estate pros for a direct real estate investment fund. Daniel Carr, formerly of Ares, and Peter Weiss, previously with Prospect Ridge, will lead the efforts. Alpaca did not specify the fund size target, but it will focus on opportunistic multi-family and industrial opportunities, including IOS.

5. BANKS: Wonder why your banks keep asking for deposits? US banks reported an $872 billion year-over-year drop in deposits as of June 30th. The drop was the first in a data set that dates back to 1994. Anecdotally, our relationship lenders are currently asking for 5%-20% of the loan amount in new deposits.

FOR SALE or LEASE: Lexington, KY – 5.13 acre IOS

Address: 751 Freight Blvd, Lexington, KY 40508

Features: Grass leveled, flat topography, utilities in place

Close To: I-64/I-75 and Blue Grass Airport

Buildings: 11,172 SF improvement that boasts 19’1" clear heights throughout, 1 dock-height door

Zoning: I-1 (light industrial)

Info: LINK

Asking Price: $1,285,000

Broker: John Bunch at 859-306-0602

FOR SALE: Gray Court, SC – 6.59 acre IOS

Address: 2424 S Frontage Rd, Gray Court, SC 29645

Features: 500 feet of frontage, levelled, 42,000 VPD, business and inventory conveys with the sale

Close To: Hwy 385, Greenville Spartanburg International Airport, Inland Port of Greer

Buildings: 12,480 SF warehouse

Zoning: Industrial (junkyard/salvage use permit in place)

Info: LINK

Asking Price: $2,500,000

Broker: Abe Mills at 864-404-5424

FOR SALE: El Paso, TX – 7 acre yard

Address: 14731 Gateway Blvd, El Paso, TX 79928

Features: Improved, secure, and provides access, fronting I-10

Close To: El Paso International Airport

Info: LINK

Asking Price: $700,000

Broker: Juan Uribe at 915-479-5151

FOR SALE: Colton, CA – 0.35 acres gravel yard

Address: 1041 Jefferson, Colton, CA 92324

Features: Flat topography, fully fenced, secured, compacted gravel

Close To: I-10 & I-215 Freeways, South La Cadena Dr and South Iowa Ave on/off ramps, Ontario International Airport

Zoning: Light Industrial (M-1) per the City of Colton, CA

Info: LINK

Asking Price: $425,000

Brokers: Rene Ramos at 909-935-0937, Robert D. Bagley at 909-935-0938, Jacob Bernardy at 909-935-0935, or Daniel W. Richards at 909-980-6868

FOR LEASE: Hamilton Township, NJ – 1.75 acre IOS

Address: 6 Youngs Rd, Hamilton Township, NJ 08619

Close To: I-295, Route 1, Route 130 and Trenton Mercer Airport

Buildings: Welding and truck auto repair shop

Zoning: Heavy Industrial

Info: LINK

Rental Rate: $9,000 per month

Brokers: Chaim Cillo at 908-355-1717 x1001 or Alona Chovnyk at 908-355-1717

FOR LEASE: Jackson, MI – 1.18 acre IOS

Address: 909 Water St, Jackson, MI 49203

Features: Levelled

Buildings: 1,976 SF industrial warehouse

Info: LINK

Broker: Jason Crawford at 586-467-1703