J.P. Morgan's REIT (JPMREIT) unit will be adding a logistics and storage portfolio to its pipeline. The deal, for $25.8 million, applies to two sites and three buildings in Tampa Bay, and Pinellas Park, Florida.

In total, the properties span 154,490 square feet. They are all 100 percent leased to moving and storage firm PODS.

JPMREIT refers to the metro area where the properties were acquired as one of the "fastest-growing" ones in the U.S. Thanks to their proximity to major highways, the assets are poised to benefit from the demand for personal storage and businesses.

"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," Doug Schwartz, co-president of JPMREIT, said.

"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."

Not too long ago, Tampa was considered to be the most desirable place to live in the U.S., at least according to a survey from Clever Real Estate. However, this trend might be changing. The PWC and the Urban Land Institute's latest report recently found that Tampa along with other major Sunbelt regions is starting to see a slowdown in domestic migration. The cost of living - most notably in housing affordability – is starting to take a toll.

JPMREIT acquired two other properties this year. One was a 297-unit multifamily property in Charleson, South Carolina, for $82.8 million, while the other was a retail site in Queens, New York, for $48.3 million. In total, the company manages $499 million in total asset value and maintains 99 percent occupancy.

Instant Insights /

J.P. Morgan REIT Expands Florida Footprint with Logistics Portfolio

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