IOSList - September 5, 2023 - Alterra secures a huge fund commitment

NEWS ROUNDUP

1. Ohio Police and Fire Pension Fund commits $75m to Alterra’s IOS Fund. “The commitment is the first-ever relationship between Ohio Police & Fire and Alterra Property. The pension fund intends to place between $140m and $215m into non-core real estate, with no allocation made for core real estate.” -IPE Real Assets

2. LEASE SIGNED: Lee & Associates signs a 6.5 acre IOS lease. The property is located at 1634 Duncan Reidville Road, Duncan, SC 29334. It is fully fenced, with a 40' electric gate, an 8" gravel yard, a concrete entrance, and a modular office. The tenant is STG Logistics, which will use the site for intermodal drayage.

3. An increase in 10-year treasury chops CRE values. “A predicted rise in the 10-year rate to 4.75% from 2.2% would cause a 150-basis-point increase in the average cap rate. Under this scenario, a prime asset trading at a 4.5% cap rate would now trade at a 6% rate, equivalent to an approximate 25% fall in capital values.” -CBRE

4. CLOSING: Transport Properties closes IOS in Columbus, OH. Located at 3455 Alum Creek Drive in Columbus, OH, the site has over 35 usable acres ready for immediate occupancy. The site offers parking for 1,300 trailers/containers, multiple truck terminals or repair facilities. Contact Joe Davis, Nick Tomasone, or Josh Weithman of JLL with any leasing inquiries.

5. Mom and pop trucking operators dominate freight (and IOS use?). Once heavily unionized, trucking saw a decline in union participation after deregulation in the mid-1970s. This shift favored nonunionized trucking companies. Recent events like Yellow Corp's bankruptcy highlight the challenges unionized carriers face.

THE COST OF MONEY

FOR LEASE: Miami, FL - 4.12 acre IOS - available immediately

Address: 400 NW 137th Ave in Miami, FL 33182

Features: Divisible from 1.23 acres to 4.15 acres, signalized corner, 3 points of ingress/egress, fully fenced, lit, partially paved, 283’ direct frontage, 50,000 VPD

Close To: Dolphin Expy/836, US Hwy 41 and Miami International Airport

Buildings: Office trailer, additional build-to-suit options

Zoning: IU-1 (Unincorporated Miami-Dade)

Info: LINK

Brokers: Carlos Gaviria at 305-808-7313, Ben Eisenberg at 305-808-7826, Walter Byrd at 305-808-7825, or Thomas Kresse at 305-808-7827

FOR LEASE: Alpharetta, GA – 8.3 acre IOS

Address: 11630 Wills Rd, Alpharetta, GA 30009

Close To: I-400, 1-285, Downtown Atlanta

Buildings: Lot A: 1,000 SF office space and 5,000 SF shop space and 1,000 SF office space

Zoning: LI (City Of Roswell), approved uses: heavy equipment sales/rental, contractor storage, commercial vehicle maintenance/repair, trailer storage

Info: LINK

Broker: Mendy Ruder at 404-442-2848

FOR LEASE: Portland, OR – 7 acre IOS

Address: 8524 N Crawford St, Portland, OR 97203

Features: Gravel surface, level, rectangular, outside 100-year flood plain, fully fenced, rail spur, river frontage, divisible with multiple entries

Close To: Rivergate and NW Portland, Portland International Airport

Zoning: EG2 (General Employment), up-zoning opportunity to mixed-use

Rent: $0.12 per foot NNN

Info: LINK

Brokers: Scott MacLean at 503-542-5891 or Andy Stewart at 503-265-5050

FOR LEASE: Cordova, CA – 4.15 acre IOS

Address: Security Park Dr, Rancho Cordova, CA 95742

Features: Fenced, paved, security gate, lights, under construction available in November 2023, divisible

Close To: Sacramento International Airport

Zoning: M-2

Info: LINK

Broker: Greg Redman at 916-677-8172

FOR LEASE: Houston, TX – 2 acre IOS

Address: 6522 Cullen Blvd, Houston, TX 77021

Features: Paved, warehouse/shop building

Close To: Cullen Road, William P. Hobby and Ellington Field Airport

Rent: $0.50 per SF NNN

Info: LINK

Brokers: Todd Anderson at 832-594-2712