IOS Daily - January 21 - Open Industrial buys Las Vegas IOS

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NEWS ROUNDUP

ACQUISITION: Open Industrial buys 4.8 acre IOS in Las Vegas, NV. Open Industrial has acquired 2775 Betty Lane in Las Vegas, Nevada. The property features a 5,300 SF building with office space. The Open Industrial deal team was led by Matt Potolicchio. Ian Diaz with Marcus & Millichap sourced the off-market deal. Eric Molfetta and Amanda Irving with Molfetta Industrial Group will handle the leasing of the property.

DISPOSITION: Capital RE Commercial sells 6.5 acre IOS in Corpus Christi, TX. Capital Real Estate Commercial has sold 5608 Old Brownsville Road in Corpus Christi, Texas. The property features several buildings totaling 21,354 SF. The Capital deal team included Troup Rolland and Matt Cooper. Chase Miller with NAI Robert Lynn represented the buyer, an affiliate of Mercer Co.

ACQUISITION: Hight Knox buys 2 IOS properties in Tampa, FL. Hight Knox has acquired 5555 and 5603 North 50th Street in Tampa, Florida. 5555 features a 31,833 SF industrial facility on 6.5 acres, while 5603 includes a 15,985 SF maintenance facility on 3.7 acres. The Hight Knox team is led by founders Phillip Hight and Hardman Knox.

FINANCING: Realterm expands into lending space with $70.8M loan. In the January 10 edition of IOS List, we mentioned GreenPoint/Outpost’s $70.8M loan collateralized by a portfolio of 8 IOS properties totaling 163 acres. We now know that Realterm was the underlying lender and Lantern arranged the financing. The deal marks Realterm’s entrance into the lending space. Realterm’s credit operations are led by Paul Sisson and Kate Sarris.

LEASE SIGNED: DB2RE leases 2.5 acre IOS in Dallas, TX metro area. Davidson Bogel Real Estate (DB2RE) has leased 101 North Irving Heights Drive in Irving, Texas. The property features industrial buildings totaling 26,000 SF. The DB2RE team of Philip Cherrick, Martin Grossman, and David Guinn represented the landlord in the deal.

LEASE SIGNED: Bridge reps Alterra in 10 acre Spartanburg, SC lease. Bridge Commercial represented the landlord, Alterra Property Group, in the leasing of 740 Falling Creek Road in Spartanburg, South Carolina. The property features several service buildings totaling 18,500 SF. The Bridge deal team was led by Alex Shields. Christian Samartino with Piedmont Properties represented the new tenant.

FROM OUR PARTNERS

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7.85% Cap Rate | 2.0% Annual Rent Escalations | 2.24 AC | 31,269 SF Warehouse | Fenced and Lit | 3-Phase Power | Renovated in 2023 | 100% Leased to Air Pros USA

Port-Proximate IOS | 7.4 AC Fenced & Lit Asphalt Yard | 3,500 SF Warehouse | 3.5 Miles from Barbours Cut | Ideal for Trucking, Trailer Parking, Heavy Equipment Storage & Industrial Supplies

For Sale and Lease | 4.6 AC (2.8 Upland + 1.8 Riparian Rights) | Numerous Divisions and Build-to-Suit Configurations

Total 14 AC | 370 Semi-truck Parking Spaces | Asphalt Surface | Dolly Pads | Demarcated Spaces | Cement Perimeter Wall | Automated Gates | Onsite Staff | Remote Monitoring

Up to 9.75 AC Available | Water & Electricity to Site | Lots Will Be Delivered Fenced, Stabilized, and Lighted | Landlord Willing to Provide Covered Storage and/or Outbuildings | Q1 2025 Delivery

For Sublease | 1.48 AC | Immediate Freeway Access | Private Access | Unincorporated LA County Location