XPO pays $17.5M to own its 88-acre Memphis truck terminal

October 29, 2026 · 13 min read · Industrial Outdoor Storage

IOS Market Pulse: Oct 26-29, 2026

🏗️ The Headliner: 88 acres and a $17.5M Memphis purchase

XPO buys its Memphis truck terminal from Realterm

XPO acquired the terminal at 3955 Shelby Drive from Realterm, taking ownership of a major operating hub it already occupied. The nearly 130,000-SF facility on about 88 acres ranks among the largest in its North American network. The purchase secures a substantial terminal footprint in the Memphis logistics market.

Transaction Details:

Purchase Price: $17.5 million

Property: 3955 Shelby Drive, Memphis, Tennessee

Site: Approximately 88 acres | nearly 130,000 SF

Seller: Realterm

An Albany Road Real Estate Partners affiliate acquired the four-parcel property from a local private ownership group. Colony Tire Corporation leases the 14,000-SF warehouse at 286 Thorpe Street, and Quantix Liquid Transport leases the 8,000-SF warehouse at 290 Thorpe Street.

Key Features: Additional improved acreage to be leased with direct Highway 78 access; near I-26 and 20 miles from the Port of Charleston.

Buyer Lead: Christopher Knisley , Albany Road Real Estate Partners

Broker / Deal Team: Seller representatives who also procured the buyer: Harrison Creason , Managing Director Investments, Marcus & Millichap; Andrew Margulies , Marcus & Millichap; Tyler Brown , Associate Investments, Marcus & Millichap

Alterra IOS acquired 4311 US Highway 301 near I-4 and I-75. Chris White and Morgan Specht led the transaction, extending the platform's Tampa MSA cluster to 15 acquisitions.

Key Features: Yard-heavy site with access to the I-4 and I-75 corridors.

Buyer Lead: Chris White , Alterra IOS; Morgan Specht , Alterra IOS

Broker / Deal Team: James Ullrich , Colliers

The vacant 17,640-SF warehouse sold for $153/SF, approximately $2.7 million. The buyer gains 21,500 SF of paved, fully fenced outdoor storage and parking near Route 32 and I-97.

Key Features: Six loading docks and three drive-in doors; former headquarters of Weyer's Floor Service.

Broker / Deal Team: Alec Schwartz , Marcus & Millichap; Bryn Merrey , Marcus & Millichap; John Faus , Marcus & Millichap

Alterra IOS acquired 4300 Vawter Avenue, adding 3.7 usable acres and 21,647 SF of improvements. Gavin Weaver and Liz Scott led the purchase near I-95 and I-64.

Key Features: Sixth Richmond MSA acquisition; interstate access in both directions.

Buyer Lead: Gavin Weaver , Alterra IOS; Liz Scott , Alterra IOS

Broker / Deal Team: Jimmy Martin , Colliers

An undisclosed buyer acquired 5631 Stratum Drive with approximately 19,465 SF on 3.03 acres. Andrew Wiesemann, Reid Roden and Ashton Miller represented the buyer.

Key Features: Fully leased at acquisition; buyer representation by Matthews Real Estate Investment Services.

Broker / Deal Team: Andrew Wiesemann , Matthews Real Estate Investment Services; Reid Roden , Matthews Real Estate Investment Services; Ashton Miller , Matthews Real Estate Investment Services

The Sagard Real Estate-La Caisse joint venture acquired fully leased 6691 Clark Avenue. The 2.84-acre East Bay property is approximately 1.7 miles from I-880.

Key Features: Secured, paved and lit site; 22-foot clear heights; contractor, equipment and distribution functionality.

Buyer Lead: Tom Stover , Managing Director, Acquisitions, Sagard Real Estate

An owner-user acquired 2698 Gibbs Road, pairing an 8,500-SF facility with secure and covered outdoor storage. Ryan Eversole and Wes Vogel represented the seller.

Key Features: Multiple drive-in doors, covered storage and specialized improvements.

Broker / Deal Team: Ryan Eversole , Brown Investment Properties; Wes Vogel , Brown Investment Properties

Apricus Realty Capital and ABR Capital Partners acquired 2225 Sens Road, a fully leased 1.43-acre property. Sage Envirotech uses the site for truck parking, equipment storage and back-office functions serving its Texas operations.

Key Features: Crane-served warehouse, two-story office and two drive-in doors near State Highways 225 and 146.

Buyer Lead: Garrett Marler , Senior Vice President, Apricus Realty Capital; Cort Martin , Vice President, Apricus Realty Capital

Anfield Capital Partners closed on three IOS parcels near Capital Circle SW on Tallahassee's southwest side. The surrounding corridor includes a six-lane road-widening project, a neighboring Wawa and nearby residential construction.

Key Features: All three parcels are fully leased; tenants and deal consideration undisclosed.

South Plainfield, New Jersey: Cushman & Wakefield closes a 2.6-acre IOS lease

Property: 4700 South Clinton Avenue

Site: 2.6 acres

Improvements: 6,073 SF building

Tenant: Undisclosed

Landlord: Undisclosed

Broker / Deal Team: TJ Calderone , Cushman & Wakefield; Michael Ugarte , Cushman & Wakefield; Bill Waxman , Cushman & Wakefield; Mindy Lissner , Cushman & Wakefield; David Gheriani , Cushman & Wakefield; Jeff Volpi , Cushman & Wakefield; Morgan Nitti , Cushman & Wakefield; Sydney Greenspan , Cushman & Wakefield

Indianapolis, Indiana: renovated industrial space with outdoor storage leases

Property: 1417 Commerce Avenue

Site: Acreage undisclosed; on-site outdoor storage and parking

Improvements: Approximately 3,500 SF industrial space, including approximately 500 SF office

Tenant: Undisclosed

Landlord: Undisclosed

Broker / Deal Team: Wade Wilson , SVN | Northern Commercial

What the Numbers Are Saying

National IOS rents have risen 32% since 2021, while an eight-market series covering Houston, Savannah, Norfolk and other hubs shows gains above 110% since 2020. Those series cover different periods and market samples; neither isolates the effect of AI construction.

Market Snapshot (October 2026):

Vacancy: Approximately 4% IOS vacancy

Demand Drivers: About 1.4 million acres of national inventory, with a much smaller investable share and annual inventory growth below 2%. Each gigawatt of data-center construction requires roughly 100,000 truckloads of materials. More than 200 Manassas acres, over 20% of local IOS supply, are planned for data-center conversion. Large projects can require contiguous laydown sites; construction staging demand can end when projects finish.

Local Expert: Max Heiden , Co-founder, Catalyst Investment Partners; Chris Hope , Senior Managing Director, Newmark; Franco Faraudo , Editor

IOS financing: $5.48B across 26 large facilities in 2025-2026

An analysis of announced financings above $75 million covers 905 assets and $5.48 billion, with approximately 73% of dollar volume in 2026. Senior loans secured by interests in property-owning entities can reduce the administrative burden of separate mortgages across large portfolios. The compilation covers historical financings and distinguishes senior equity pledges from mezzanine debt.

Capital markets perspective: Vytas Norusis , Executive Vice President and National Industrial Outdoor Storage Practice Lead, Partner Valuation Advisors.

IOS underwriting: 6.00%-6.75% primary-market cap-rate reference

The current benchmark compilation places primary-market IOS cap rates at 6.00%-6.75% and secondary-market rates at 6.75%-7.75%, with a 25-75-basis-point premium to comparable industrial assets. These broker-research ranges support property-specific reasonableness checks; legal outdoor-storage rights and the expense basis still require verification.

Valuation perspective: Robert Mitchell , Certified commercial real estate appraiser, Union Metric Appraisal and Feasibility.

Kansas City area: seven offers in 14 days for a nine-acre yard

A current broker interview uses an earlier Lawrence, Kansas, IOS sale to illustrate competition for smaller assets. The nine-acre property sold above asking after seven offers in 14 days; the example centers on an established buyer network and familiarity with IOS underwriting. The closing date is unspecified.

Local expert: Logan Freeman , Managing Broker, Midwest CRE Advisors.

Transaction recap: Elk Grove, Columbus, Dallas and three other markets

This window's transaction recap covers four acquisitions and two leases. Original announcement or closing dates precede the window or remain unspecified; these transactions are presented as recap activity.

Elk Grove, California: Westlake Realty: 24.48 acres at 10547 East Stockton Boulevard; $10.7 million; 67,881 SF in three buildings. An October 22 announcement confirms a pre-closing long-term lease to a construction-materials supplier. Deal team: Kristina Chang , Westlake Realty; Stew Cedarleaf , Westlake Realty; Lino Campanile , Westlake Realty; Brandon Rowell , Westlake Realty. Brokers: Jeff Smith , Cresa; George Mack , Cresa; Sean Merold , CBRE; Jimmy Landis , CBRE; Mike Zimmerman , CBRE.

Columbus, Ohio: Transport Properties: 12.75 acres at 611 Marion Road with 11,976 SF; the yard is being marketed for lease. Deal team: Joe Feeney , Transport Properties. Brokers: Zach Rines , Cushman & Wakefield; Ben Johnson , Cushman & Wakefield; Domenic Skunda , Cushman & Wakefield.

Dallas, Texas: Terminal Logistics: Three fully leased acres at 4087 East Ledbetter Drive with 3,750 SF; the buyer is Center Capital Partners' IOS platform. Deal team: Jeremy Cohen , Terminal Logistics / Center Capital Partners; Jack McNamee , Terminal Logistics / Center Capital Partners; Ben Miller , Terminal Logistics / Center Capital Partners; Max Reiter , Terminal Logistics / Center Capital Partners.

Chula Vista, California: two-acre IOS sale: 621-629 L Street includes 11,700 SF; CBRE's Erik Parker represented the buyer. Brokers: Erik Parker , CBRE.

Moreno Valley, California: Bridge Logistics Properties lease: 7.33 acres and 48,960 SF at 22360 Goldencrest Drive leased to an unnamed international manufacturer. Deal team: Parker Hutchison , Bridge Logistics Properties; Paul Jones , Bridge Logistics Properties. Brokers: Mark Zorn , Colliers; Nico Coppola , Colliers; Cory Whitman , Colliers.

Philadelphia, Pennsylvania: Essington Avenue lease: 1.53 acres and 16,913 SF at 6717-21 Essington Avenue leased. Brokers: Chris Pennington , Binswanger; Michael Pennington , Binswanger.

🏗️ Adjacent Industrial (IOS-Relevant)

Pearland, Texas: National IOS buys crane-served manufacturing space with yard potential

National IOS acquired 8831 Industrial Drive and is offering it for immediate lease. The property includes approximately 24,000 SF of crane-served manufacturing space on 3.66 acres; additional land can accommodate up to 0.45 acres of stabilized outdoor storage or 9,000 SF of building expansion. That yard capacity is potential additional space. Buyer brokers: David Holland , Senior Vice President, Industrial Brokerage, JLL; Travis Smith , Senior Vice President, JLL; Jacob Turner , Associate, Brokerage, JLL. Price and lease terms are undisclosed.

Oklahoma City, Oklahoma: SW 149th Street and Meridian Avenue

50.97 acres; tracts from approximately 10 acres; building area undisclosed

Approximately 0.25 mile from I-44. Floodplain designation is a consideration for equipment storage, fleet parking and laydown uses.

Lease offering updated October 28. Pricing terms require confirmation.

Brokers: Jake Wilburn , Moriah Brokerage Services

Tampa, Florida: 4410 South 66th Street

16.36 acres across four parcels; 2,260-SF office on a 2.50-acre parcel

Fenced portfolio with on-site utilities and existing month-to-month income. Outdoor storage and truck/trailer parking are permitted beneath power lines. Approximately 530 feet of frontage and access on South 66th Street, near I-4 and I-75.

For sale; asking price undisclosed. Offering circulated October 28.

Brokers: Connor Sweeney , Analyst, Stream Realty Partners; Trevor Harris , Analyst, Stream Realty Partners; Scott Altieri , Senior Vice President, Stream Realty Partners

Dade City, Florida: 15439 U.S. 301

7.68 total acres, including more than 5 acres of stabilized IOS; 33,608-SF warehouse

Fenced and secured yard with I-1 Light Industrial zoning; warehouse and yard separately usable. Approximately 3 miles from I-75, with an adjacent 1.85-acre parcel available separately.

For sale; asking price undisclosed. Listing updated October 26.

Brokers: Trace Linder , Listing Agent, Saunders Real Estate; Sid Bhatt , Listing Agent, Saunders Real Estate

Boise, Idaho: 4620 South Apple Street

Approximately 5.3 acres advertised; space table lists 10.93 acres with a 5.3-acre minimum division

Near Boise Airport, Micron and I-84; rail service identified. Planned improvements include grading, aggregate surfacing, fencing and improved access. Build-to-suit discussions and 10,000-SF buildings are also offered.

Lease pricing on request; listing updated October 28.

Brokers: Michael McNeight , Industrial Brokerage Services | Partner, Colliers

Port Wentworth, Georgia: 413-415 Grange Road

Approximately 4.35 total acres, including 2.90 usable acres and 1.45 undeveloped acres

Fenced, Heavy Industrial-zoned site approximately 0.5 mile from Garden City Terminal. Wetland delineation is in progress on the undeveloped acreage. The existing tenant is scheduled to vacate December 31, 2026.

Lease pricing on request; listing updated October 27. Confirm delivery timing against the scheduled tenant departure.

Brokers: Sebastian Findlay , Colliers

📈 Operating Context

Old Dominion: $180M planned for real estate and service centers

Old Dominion Freight Line expects approximately $380 million in 2026 capital expenditures, including $180 million for real estate and service-center expansion and $155 million for tractors and trailers. Third-quarter revenue rose 13.1% to approximately $1.591 billion. LTL tons per day fell 0.1% and shipments per day fell 2.0%, while tonnage returned to year-over-year growth in September. People: Marty Freeman , President and Chief Executive Officer, Old Dominion Freight Line; Adam N. Satterfield , Executive Vice President and Chief Financial Officer, Old Dominion Freight Line.

Practical takeaway: Track terminal-network investment separately from freight volumes when assessing carrier real estate demand.

Werner: fleet growth plans follow 23% revenue growth

Werner Enterprises posted $950.5 million in third-quarter revenue and $21 million in adjusted operating income, up 23% and 92%, respectively. Freight revenue increased 28%, and the carrier accelerated driver recruiting and onboarding. Its 2026 assumptions call for 16%-17% growth in average Truckload Transportation Services truck count and $190 million-$205 million in net capital expenditures. People: Derek Leathers , Chairman and CEO, Werner Enterprises.

Practical takeaway: Planned fleet growth is a carrier-specific signal for parking, maintenance and terminal needs.

US trucking: 11.46B tons hauled in 2025

US trucks hauled 11.46 billion tons in 2025, up from 11.27 billion in 2024, while industry revenue increased to $936.4 billion from $906 billion. The newly released annual data also show 91.1% of carriers operating ten or fewer trucks and 99.2% operating fewer than 100 power units. People: Bob Costello , Chief Economist, American Trucking Associations; Henry Hanscom , Chief Advocacy & Public Affairs Officer, American Trucking Associations.

Practical takeaway: Small carriers remain a large share of the potential tenant base for truck yards and parking sites.

Freight and warehousing: tight capacity despite softer truckload volumes

Third-quarter dry-van spot rates averaged $2.12 per mile, up 8.2% from the prior quarter, while truckload volumes declined 3% year over year. September's Logistics Managers' Index reached 70.2, and its warehousing-capacity component fell to 39.3 as inventories accumulated ahead of the holidays.

Practical takeaway: Overflow-storage demand can strengthen even when truckload volumes soften; assess each tenant's operating need.

Bison: early US freight recovery meets high operating costs

September freight shipments increased 1.9% year over year and 1.4% from August on a seasonally adjusted basis. US dry-van spot rates including fuel remained approximately 45% above year-earlier levels. Mid-October diesel averaged about $6.20 per gallon, below September's $6.53 high but still roughly 70% above a year earlier. People: Matt McCart , Bison Transport.

Practical takeaway: Carrier cash flow and lane-specific utilization remain useful checks on yard-tenant expansion capacity.

US ground freight: replacement-focused fleet spending into 2027

September domestic freight shipments rose approximately 2% year over year for a second consecutive month of growth. Truckload linehaul rates were approximately 10% higher year over year, and contract rates exceeded spot rates for four consecutive months. Driver availability remains a capacity constraint, while carrier investment plans emphasize fleet replacement with little intended expansion in 2027.

Practical takeaway: Higher freight rates alone do not establish additional fleet parking or yard acreage demand.

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