J.P. Morgan Real Estate Income Trust Inc., or JPMREIT – a non-listed perpetual life real estate investment trust – has acquired a two-site, three-building infill logistics and storage portfolio totaling 154,490 square feet located in Tampa and Pinellas Park, Fla. The properties are fully leased to PODS, a moving and storage company founded and headquartered in the Tampa area. The total purchase price was $25.8 million, exclusive of closing costs.
According to the REIT, the investment allows it to access infill logistics facilities in one of the fastest-growing metropolitan areas in the United States. Located in densely populated areas with close proximity to major highways, the JPMREIT portfolio aims to be 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.”
JPMREIT’s Schwartz added that the latest “acquisition not only strengthens our portfolio but also aligns with our strategy to invest in high-growth regions.”
In other activity reported by The DI Wire, J.P. Morgan Asset Management hired veteran Justin Heller, CIRA, as managing director and portfolio manager to grow the net lease strategy for its Real Estate Americas platform, and JPMREIT recently closed a $62.4 million mortgage loan for a multifamily property in South Carolina. Additionally, the REIT acquired a grocery-anchored shopping center in Queens in May of this year.
Launched in July 2022, JPMREIT is currently offering up to $5 billion shares of common stock on a continuous basis, consisting of up to $4 billion in shares in its primary offering and up to $1 billion in shares pursuant to its distribution reinvestment plan. As of Oct. 16, the company had issued and sold 927,622 Class D, nearly 7.2 million Class I, and 53,776 Class S shares in the primary offering for total proceeds of approximately $84.3 million. It had issued 27,720 Class D, 107,323 Class I, and 2,140 Class S shares for a total value of approximately $1.4 million pursuant to its distribution reinvestment plan.
J.P. Morgan Real Estate Income Trust 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. J.P. Morgan Asset Management, with assets under management of $3.3 trillion as of June 30, 2024, is a global leader in investment management supporting clients such as institutions, retail investors, and high-net-worth individuals in every major market throughout the world.
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