J.P. Morgan Acquistion
Update
11/07/24
J.P. Morgan Real Estate Income Trust, Inc. Acquires Infill Logistics and Storage Portfolio in Florida's Tampa Market
J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) announced today the acquisition of a strategically positioned two-site, three-building infill logistics and storage portfolio totaling 154,490 square feet located in Tampa and Pinellas Park, FL. The properties are fully leased to PODS, a leading moving and storage company founded and headquartered in the Tampa area. The total purchase price was $25.8 million (exclusive of closing costs).
This investment allows JPMREIT to access infill logistics facilities in one of the fastest-growing metropolitan areas in the U.S. Located in densely populated areas with close proximity to major highways, the portfolio is well-positioned to help meet the increasing demands for business and personal storage.
"We continue to see strong infill industrial demand for high-quality assets in expanding markets, particularly in areas with significant population growth and limited supply," said Doug Schwartz, Co-President of JPMREIT. "With infill industrial assets experiencing healthy fundamentals and long-term demand tailwinds, this sector remains a high-conviction theme for JPMREIT. This acquisition not only strengthens our portfolio but also aligns with our strategy to invest in high-growth regions."
For more information about this investment and other JPMREIT properties, please visit the Portfolio page on its website.
About JPMREIT
JPMREIT leverages J.P. Morgan Asset Management's more than 60 years of real estate investment experience and invests in stabilized, income-producing assets and development positioned to benefit from the way people live, work and consume in the new economy. JPMREIT is externally advised and sponsored by J.P. Morgan Investment Management Inc.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of $3.5 trillion (as of 9/30/2024), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. For more information: www.jpmorganassetmanagement.com.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. JPMorganChase had $4.2 trillion in assets and $346 billion in stockholders' equity as of September 30, 2024. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.