JP Morgan Asset Management Hires TPG’s Justin Heller for Net Lease Retail Business

J.P. Morgan Asset Management has added Justin Heller from TPG Angelo Gordon to help run its new net lease retail strategy under Chad Tredway, Commercial Observer can first report.

Heller, who spent nearly 14 years at TPG Angelo Gordon as a managing director and member of the firm’s investment committee for its net lease retail strategy, began his new role at J.P. Morgan Asset Management on Oct. 4. He will be based in New York and oversee acquisitions and portfolio management under Tredway for J.P. Morgan’s net lease real estate strategy.

“Justin’s track record and proven credit and real estate expertise make him a valuable addition to our net lease team as we look to grow our platform,” Tredway, head of real estate Americas at J.P. Morgan Asset Management, said in a statement.  “As the real estate market continues to evolve, we believe net lease strategies will play an important role in  helping diversify portfolios and we look forward to bringing our expertise to our clients.” 

Tredway arrived back at J.P. Morgan in late 2023 after previously spending 13 years as the bank’s  head of real estate banking at the bank. He launched Trio Investment Group in 2021, and J.P. Morgan acquired the platform in December 2023.

At TPG Angelo Gordon, Heller was part of the underwriting and originations process for net lease deals. He helped spearhead the sale of roughly $5 billion in assets under this strategy. according to J.P. Morgan.

Prior to TPG Angelo Gordon, Heller was a senior consultant at FTI Consulting working on a number of commercial real estate property sectors in New York for its restructuring business. 

“I am thrilled to join J.P. Morgan Asset Management and be part of such a dynamic team,” Heller said in a statement.  “The firm’s resources, global reach and strong reputation provide an opportunity to help drive growth in the net lease space and capitalize on emerging opportunities in the market.” 

In a net lease arrangement, tenants cover some costs typically paid by a property owner, such as taxes, insurance, repairs and maintenance costs. In exchange, the owner charges a lower rent.  

Andrew Coen can be reached at acoen@commercialobserver.com