IOSList - September 11, 2023 - Yellow's bankruptcy could cancel 37 truck terminal leases.
Record price paid for Long Island IOS. Yellow could cancel 37 leases. JLL secures financing for ISF. Nine new IOS deals.
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CLOSING: $3.45 million paid for Long Island warehouse + IOS. “The sale price, which exceeds $580 a square foot, is a high-water mark for a Deer Park industrial property.” The property has three loading bays and extensive outdoor storage space. Larry Densen and Chris Mayor of Island Associates represented both buyer and seller.
Yellow's bankruptcy could cancel 37 leases. "The company's 160 truck terminals are headed to auction next month, and much of its debt is expected to be paid down via the sale of those assets. Old Dominion Freight Line has offered $1.5B to acquire the portfolio, which will likely be designated as the minimum bid unless a higher offer emerges ahead of the auction."
Lee Riverside shares recent IOS sale and lease comps. The Big Yard Building Brokers team at Lee & Associates is always generous with their sales and lease comps. For further details, please contact Craig Yocum, Alexey Zaboloskikh, or Trent Kimsey.
FINANCING: JLL Capital Markets secures financing for Ridgecut Road's ISF purchase. "The Ridgecut Road team did a tremendous job sourcing this off-market transaction and negotiating an attractive sale-leaseback, which resulted in significant interest from equity investors and lenders." JLL’s deal team included Matthew Pizzolato, Michael Klein, Benjamin Morgenthal, and Dean Brody is handling the leasing.
LEASE SIGNED: Matthews signs a 10-year IOS lease in Texarkana, TX. Congratulations to Andrew Wiesemann with Matthews Real Estate Investment Services for leasing IOS at Texarkana, TX, on a 10-year lease to an equipment rental user. For more information, contact Andrew at 214-295-7569.
Challenges in creating new IOS space. "On the supply side, it's very hard in many markets to create new IOS; it has a very minimal tax contribution. So, cities are reluctant to entitle tax considerations, but also the fact that this is not the prettiest form of real estate. Cities generally don't want to approve new supply," Vince Tibone, managing director at Green Street.
IOS FOR SALE
FOR SALE: Fort Worth, TX – 5.3 acre IOS
Address: 880 N Houston St, Fort Worth, TX 76164
Features: Paved, fenced/gated, cul-de-sac, utilities on site, heavy power available
Close To: Railroad adjacent, I-30, I-35W, downtown Fort Worth, Meacham International Airport
Zoning: K (Heavy Industrial)
Asking Price: $3,000,000
Broker: Marco Rodriguez at 915-449-0349
FOR SALE: Greenwood, IN – 30 acre IOS development site
Address: 825 E Worthsville Rd, Greenwood, IN 46143
Features: Water, gas and electricity supply, potential rail served site
Close To: I-65, I-465 and U.S. 31
Zoning: I-2 (Heavy Industrial)
FOR SALE: Chula Vista, CA (US-Mex border) – 25 acres over 5 parcels
Address: 5662 Otay Valley Rd, Chula Vista, CA 92154
Features: Flat levelled
Close To: Brown Field International Freight Airport and International Border Crossing, Port of San Diego and San Diego International Airport
Asking Price: $16,800,000
Broker: Ron Chaquica at 619-933-2349
FOR SALE: Rialto, CA - 1.74 acre IOS
Address: SWC Date Ave. City Of Rialto, CA 92316
Features: Concrete leveled, possible expansion across the street with 17,000 SF on 2.28 acres, headstart on entitlement for trailer storage
Close To: 1-10 Freeway, Union Pacific Rail Yard
Zoning: Heavy Industrial Zoning (Agua Mansa Industrial Corridor Specific Plan)
FOR SALE: Lockbourne, OH – 39.44 acre IOS development site
Address: 0 Ashville Pike, Lockbourne, OH 43137
Features: Rail-served, catty-corner to the Rickenbacker Intermodal Rail Yard
Close To: 1-70, 1-71 & 1-270, Rickenbacker International Airport and John Glenn Columbus International Airport
Zoning: Enterprise Zone and Foreign Trade Zone
IOS FOR LEASE
FOR LEASE: Austin, TX – 15.4 acre IOS
Address: 1301 Dalton Ln, Austin, TX 78742
Features: Up to 12 acres available, landlord will stabilize to suit
Close To: I-35, Austin-Bergstorm Int. Airport
Zoning: Commercial CS & RR
Broker: Thomas Erwin at 713-773-5571
FOR LEASE: Greenville, SC – 3 acres IOS
Address: 21 Burty Rd Greenville, SC 29605
Features: Fenced, gated, secured, screened, concrete pad for trailer landing gear
Close To: I-85, I-185 and Greenville-Spartanburg International Airport
Buildings: 8-bay (10,208 sf) warehouse/shop with oversized drive-in doors and 3 repair pits, 60’ bay depth
Broker: Rob Williams at 864-593-0928
FOR LEASE: Grand Terrace, CA - 2.16 to 6.23 acres ISF
Address: 21516 & 21506 Main St, Grand Terrace, CA 92313
Features: Fenced and secured graveled yard
Close To: Freeways 215/91/60 and on-ramp to Freeway 215, Ontario International Airport
Yard 1: 2.16 acres with a 21,210 SF canopy and 1,000 SF office asking $0.36/SF/Mo NNN ($33,872)
Yard 2: 4.07 acres with a 5,717 SF warehouse and a 4,580 warehouse asking $0.34/SF/Mo NNN ($60,278)
Combined: Asking $0.32/SF/Mo NNN ($86,841)
Zoning: M2 - Industrial
FOR LEASE: Charlotte, NC – 4.5 acre IOS
Address: 500 Johnson Rd, Charlotte, NC 28206
Features: Fenced and lit
Close To: I-85, I-77 and Charlotte Douglas Airport
Asking Rate: $6,500/AC per Month NNN
ONE MORE THING
You do know you’re paying more to store all this stuff than the stuff is actually worth, right?
— StripMallGuy (@realEstateTrent)
Sep 6, 2023
SECURE THE MUG!
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