Thursday Trades: IOS Deals - February 6, 2025

CLOSED TRANSACTIONS
Acquisitions & Dispositions

ACQUISITION: Kenai Capital Advisors announced the sale of 4701 Colorado Boulevard, a 27,716-square-foot industrial property situated on 2.18 acres in Denver, Colorado. Kenai represented the Seller, DoubleBay Partners, a Denver-based private investment firm that specializes in industrial assets, in the publicly marketed transaction and sourced the buyer—a California-based private equity firm. Built in 1968, the property is 100% leased to Winsupply, which leverages the site’s drive-in loading and extensive outdoor storage to optimize its distribution operations in the North Denver submarket. Congrats to all involved!

ACQUISITION: The Colliers I&L Capital Markets announced the sale of 59 Glendenning Road, Glendenning, for $33M. As reported in the The Australian Financial Review, this transaction highlights the increasing domestic and global capital interest in Industrial Outdoor Storage (IOS) facilities. Congrats to the Realterm team of Charlotte Brabant, Toni Ryan, Annalee Neil, and Jackson Gilbey and the Colliers team of Gavin Bishop, Sean Thomson, Michael Crombie, and Trent Gallagher on the successful acquisition.

ACQUISITION: Open Industrial announced the portfolio acquisition of four IOS properties totaling 7.7 acres with over 64,000 SF of industrial improvements located across North Carolina and Virginia. The Properties located in Richmond, Rocky Mount and Winchester are fully leased to Gregory Poole Equipment Company CAT. The Property located in Chesapeake is fully leased by Aggreko. Michael Hutton, Chad Pitts, Blake Potolicchio and Matt Potolicchio led the The Open Industrial team. The seller was represented by Bo McKown, Eric Robison, and Gregg Beck of Cushman & Wakefield | Thalhimer.

DISPOSITION: CBRE’s Investment Properties arranged the $12.75 million one-year sale-leaseback of a three-property industrial portfolio in Indianapolis, to a private high-net-worth investor for $258 PSF. The properties are located at 1220, 1254, and 1310 South West Street and have immediate access to some of the biggest Midwest distribution routes off I-70, I-465, and I-65. CBRE Investment Properties' Midwest leaders Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo and Bryan Johnson, along with JD Graves and Sarah Greer represented the seller, Sodrel Truck Lines Inc., in the transaction.

LEASED
Leases Signed

LEASED: Ashton Miller and Andrew Wiesemann of Matthews recently facilitated a 10-year lease on a 5.91 AC IOS site featuring a 20,010 SF building in Waco, TX. Congrats, guys!

KEY DEVELOPMENT
Market News

KEY DEVELOPMENT: Goldman Sachs backs RecNation's $500M expansion for recreational vehicle storage. Gary Wojtaszek, who built CyrusOne, is behind the concept. GS is acting as a financial advisor to the company to raise $500 million for a joint venture. Wojtaszek will use the capital with debt to acquire properties, aiming at a potential initial public offering. An attractive part of RV storage is that family businesses dominate an industry with an estimated 11 million households that own RVs, which doesn’t account for the other types of vehicles. RecNation’s strategy is to acquire locations and improve their management and operations. The Company currently has 66 locations across 8 states.

RECS
Worth a Look

• Read: NE IOS Overview from Devon Wagner - New England industrial outdoor storage user demand is poised increase and vacancy to decrease in 2025