NEW
YORK, Nov. 7, 2024 /PRNewswire/ -- 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.
Forward-Looking Statements. This press release contains
forward-looking statements about the business of JPMREIT and the
infill industrial sector within the real estate market. These
forward-looking statements can be identified by the use of
forward-looking terminology such as "expect," "continue," "may,"
"will," "should," "anticipate," "intend" or other similar words or
the negatives thereof. These may include statements about plans,
objectives, intentions and expectations with respect to JPMREIT's
real estate investments and expected real estate acquisitions. Such
forward-looking statements are inherently uncertain and there are
or may be important factors that could cause actual outcomes or
results to differ materially from those indicated in such
statements. We believe these factors include but are not limited to
those described under the section entitled "Risk Factors" in
JPMREIT's annual report for the most recent fiscal year, and any
such updated factors included in JPMREIT's periodic filings with
the SEC, which are accessible on the SEC's website at www.sec.gov.
These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are
included in JPMREIT's public filings. Except as otherwise required
by federal securities laws, JPMREIT undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future developments or
otherwise.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy securities.
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.
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SOURCE J.P. Morgan Asset Management
