National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Realterm, JPMorgan Team on 28-Market Logistics Portfolio
(Updated with additional information)
Realterm and J.P. Morgan Asset Management (JPAM) entered a joint venture to acquire a 1.75-million-square-foot logistics portfolio in 28 US core industrial markets, including Chicago, Atlanta, Dallas, New Jersey, New York, and Philadelphia. Deal terms weren’t disclosed.
The portfolio of truck terminals was acquired by the $285-million Realterm Logistics Income Fund in a 50/50 JV, and will be managed by Realterm.
“The acquisition of this portfolio was a rare opportunity to acquire a premier collection of final-mile, cross-docked and transloaded properties strategically located throughout the United States,” said Realterm fund manager Stephen Panos.
At JPAM, Americas real estate head Mike Kelly said, “Logistics portfolios of this scale scarcely come to market and this acquisition allows us to further increase our exposure to high-growth logistics trends, as well as enhance our existing holdings with Realterm in the truck terminal space.”
Avison Young’s Erik Foster and Mike Wilson represented the seller, CenterPoint Properties.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
