JPMorgan Acquires Florida Logistics Portfolio for $25.8 Million
- J.P. Morgan Real Estate Income Trust, Inc. disclosed the acquisition of a logistics and storage portfolio in Florida.
- The portfolio's total area is 154,490 square feet and is strategically located in rapidly growing regions.
- This investment strengthens JPMorgan's portfolio and aligns with its strategy to focus on high-growth areas.
On November 7, 2024, J.P. Morgan Real Estate Income Trust, Inc. announced the acquisition of a logistics and storage portfolio in Florida. The purchase, for $25.8 million not including closing costs, includes two sites with three buildings located in Tampa and Pinellas Park, covering a total area of 154,490 square feet. This area is recognized as one of the fastest-growing metros in the United States, reflecting a significant demand for logistics solutions. Doug Schwartz, Co-President of JPMREIT, stated that infill industrial assets have strong fundamentals and there is a consistent demand for such properties. The acquisition aligns with JPMorgan's strategic goal to invest in high-growth markets. The company's recent performance showed a third-quarter revenue increase to $42.65 billion, indicating solid financial health and supporting their investment strategies.