J.P. Morgan Real Estate Income Trust (JPMREIT) announced the acquisition of two logistics warehouse portfolios, totaling $124.2 million, exclusive of closing costs. These transactions reinforce JPMREIT’s commitment to expanding its portfolio with highly functional industrial facilities in dynamic growth markets.
JPMREIT acquired a 95 percent interest in a joint venture with B&D Holdings, a private real estate investment and development firm, for a portfolio, Norfolk ISF Portfolio, of strategically located infill warehouse and industrial service facilities. Comprising seven assets, six in the Norfolk, Va., metro area and one on Florida’s “Space Coast,” the portfolio is 581,000 square feet, and 100 percent leased, serving 16 tenants. It is positioned to benefit from the robust marine, shipping and military industries in Norfolk, the company said.
JPMREIT acquired eight class B, shallow-bay warehouses strategically located in key infill areas across the
