Realterm, J.P. Morgan Buy 1.8 MSF National Industrial Portfolio

Acquired from CenterPoint Properties, the facilities are spread across 28 markets from New York to Dallas.
One of the properties in the Realterm – J.P. Morgan Portfolio. Image courtesy of Realterm

An equal joint venture between Realterm and institutional investors advised by J.P. Morgan Asset Management has finalized the purchase of a 1.8 million-square-foot, high flow-through industrial portfolio located in 28 U.S. industrial markets, including Chicago, Atlanta, Dallas, New Jersey, New York, and Philadelphia.

The transaction includes 54 properties in highly trafficked locations with access to major thoroughfares, airports and seaports. Realterm acquired the buildings through its Logistics Income Fund and will oversee property management for the assets.

The deal included two Dallas warehouses at 2805 Mican Drive and 12340 E. Northwest Highway, The Dallas Morning News reported. CenterPoint Properties owns the buildings. In September 2020, the company selected Avison Young Principals Erik Foster and Michael Wilson to market the entire portfolio of trucking terminal warehouses. Cushman & Wakefield along with Burr & Temkin provided local market representation. Debevoise & Plimpton LLP provided legal advice to J.P. Morgan Asset Management.

Nearly 60 percent of the assets are located in Northeast metros such as New York, New Jersey, and Philadelphia. Approximately 20 percent of the warehouses are situated in the Midwest, in markets like Chicago; Milwaukee; South Bend, Ind.; Indianapolis; Columbus, and Cleveland, among others. Most buildings are single-tenant facilities occupied by companies such as FedEx, UPS and Amazon, according to REJournals.

Earlier this week, CenterPoint closed the $184 million acquisition of two buildings at Countyline Corporate Park in Hialeah, Fla. Flagler Global Logistics sold the facilities, which encompass more than 1 million square feet.