A $12 Million Loan on 42 Acres of Truck Parking in Fort Pierce Shows Why Outdoor Storage Land Has Become an Asset Class

A 41.9-acre truck parking and industrial outdoor storage property at 1450 Bell Avenue in Fort Pierce has been refinanced with a $12 million loan from OptimumBank, according to Traded, which lists a September 9 closing arranged by Isaac Filler, Yossi Koschitzki and Michael Neumann of Filler Capital. The amount is debt, not a sale price or appraised value, and the loan terms were not disclosed. What the deal does show is that lenders are now willing to finance land whose main improvement is pavement.

What industrial outdoor storage is

Industrial outdoor storage, often shortened to IOS, refers to sites used mainly for parking trucks and trailers, storing equipment and materials, or staging containers, with little or no building. Tenants include trucking and logistics companies, equipment rental firms, contractors, utility and telecom crews, and towing and vehicle storage operators. For years these sites were treated as leftover land. Today they are one of the most sought-after niches in industrial real estate, because new ones are so hard to create.

Why supply is so constrained

Most local governments restrict outdoor storage, require screening and landscaping, or limit it to specific heavy industrial districts. Neighbors oppose it. Stormwater rules make paving large areas expensive, especially in flat, low-lying Florida. And land near highways and population centers is usually worth more as a building site. The result is that a large, legally permitted, well-located yard is rare, and owners can command strong rents from tenants who have nowhere else to go.

Fort Pierce has natural advantages for this use. It sits in the middle of the Treasure Coast with access to both I-95 and Florida’s Turnpike, a natural staging point for trucks serving South Florida, Central Florida and the ports. As large distribution centers have been built in Port St. Lucie and along I-95, demand for truck parking and trailer storage has grown with them.

What this means for you

If you own industrial land on the Treasure Coast, confirm exactly what your zoning permits for outdoor storage, truck parking and paving before marketing it. A site with clear entitlements for outdoor use can be worth far more than one that merely looks suitable. If you are a trucking, equipment or contractor business, secure your yard on a longer lease with renewal options, because replacements are scarce. If you are a lender or investor, underwrite permitted use, access, stormwater and environmental condition as carefully as the rent roll.

AXCESS Commercial helps owners and operators evaluate and transact industrial land on the Treasure Coast, leasing yards and buildings, listing properties for sale and managing industrial sites.

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