J.P. Morgan Real Estate Income Trust Purchases Two Site Industrial Portfolio for $26M
The three-building infill logistics and storage portfolio that spans 154,000 square-feet in the Tampa and Pinellas Park
By Brian Pascus November 7, 2024 9:15 am
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J.P. Morgan Real Estate Income Trust has acquired a three-building infill logistics and storage portfolio that spans 154,000 square-feet across two sites in Tampa and Pinellas Park, FL. The total acquisition price was $25.8 million, Commercial Observer has learned.
The two-site, three-building portfolio is leased exclusively to PODS, a storage firm based in Tampa.
Doug Schwartz, co-president of JPMREIT, said in a statement that his firm was motivated to make the transaction due to the “strong infill industrial demand” in expanding markets like Tampa and Pinellas Park, where supply is limited but the population is growing.
“With infill industrial assets experiencing healthy fundamentals and long-term demand tailwinds, this sector remains a high-conviction theme for JPMREIT,” said Schwartz. “This acquisition not only strengthens our portfolio but also aligns with our strategy to invest in high-growth regions.”
Brian Pascus can be reached at bpascus@commercialobserver.com
