In 2022, Industrial Outdoor Ventures (IOV) completed 30 industrial service facility (ISF) transactions with a total value of nearly $330 million, an impressive year where economic uncertainty was part of the general backdrop in commercial real estate.
Of the transactions, acquisitions in Baltimore and New Jersey facilitated IOV’s entrance into two new states and another set the stage for the firm’s first ground up development in Chicagoland. With these acquisitions, IOV now has almost 80 ISF assets located in 18 markets, totaling 973 acres of land and 2.28 million square feet of buildings.
Among the five most notable acquisitions completed by IOV in 2022 include:
- 3501 E. Biddle St., Baltimore, MD—With this acquisition, IOV completed the first of two new market entrances in 2022. In a value-add driven transaction, IOV purchased 3501 E. Biddle Street in Baltimore, MD. The 36.5 AC asset includes a total of 210,031 square feet of buildings, the largest building by square footage IOV has acquired in a single property transaction. The asset, in a highly sought after in-fill location on the city’s north side, was acquired fully leased. The north 18 acres will come available Q2, 2023 and are currently on the market for lease.
- 75 Glendale Ave., Edison, NJ— IOV acquired an ISF property located at 75 Glendale Ave. in Edison, New Jersey—another new market for the firm. The Glendale Avenue property is an 8.2-acre storage yard with a 34,327-square-foot building on the premises. Railroad Construction Company, Inc. (RCC) occupies the entire premises on a net lease basis. The property is well-located, in close proximity to the New Jersey Turnpike & I-95, and approximately 25 miles of the Newark and Elizabeth Ports, and Newark Liberty International Airport.
- Trumpet Park, Zion, IL—Recently, IOV announced the acquisition of parcels totaling 56 acres of land near the Illinois-Wisconsin border in Zion and plans to move forward with the development of its Trumpet Park Spec Development. The pair of planned ISFs could offer more than 26,000 square feet of buildings, almost 1,200 truck trailer parking spaces and exceed construction costs of $35 million. This ground-up development is second in size only to its Davie, FL development that is 222,000 square feet of buildings on 37.64 acres.
- 2501 Wiles Road, Deerfield Beach, FL—In a fourth quarter transaction, IOV purchased the ±22.7-acre industrial service facility site located on Wiles Road. The site features I-2, Heavy Industrial Zoning, LED site lighting and incredible highway accessibility. The site is being redeveloped into a Class A industrial outdoor storage facility. The new development will include two warehouse maintenance and service buildings and two office buildings which can accommodate one or two tenants. Currently, only four acres will be available for lease with the entire site becoming available May of 2023.
- 5551 State St., Montclair, CA—Capping off an active year in Southern California, IOV acquired the five-acre ISF that expanded the firm’s portfolio to 14 assets in the state. The asset is characterized as featuring exceptional building quality, functionality, scale, and location. The facility includes two buildings totaling 20,382 square feet and a location in close proximity to Interstate 10, the primary east-west thoroughfare between Los Angeles and San Bernardino, and Ontario International Airport.