JP Morgan Chase & Co. (NYSE:JPM) shares are trading lower on Thursday. J.P. Morgan Real Estate Income Trust, Inc. disclosed the acquisition of a two-site, three-building logistics and storage portfolio in Tampa and Pinellas Park, Florida, for $25.8 million, excluding closing costs.
This investment enables JPMREIT to acquire infill logistics facilities in one of the fastest-growing U.S. metro areas.
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The portfolio, totaling 154,490 square feet, located in densely populated regions near major highways, is strategically positioned to meet the rising demand for both business and personal storage.
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."
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Last month, JPMorgan reported third-quarter revenue of $42.65 billion, up 7%, beating estimates and a net income of $12.9 billion and EPS of $4.37.
Also, the bank recently launched a new initiative called J.P. Morgan Private Client to attract and serve affluent clients.
The new offering sits between the existing Chase Private Client tier for customers with more than $150,000 and J.P. Morgan Private Bank for clients with more than $5 million in assets.
Investors can gain exposure to the stock via IShares U.S. Financial Services ETF (NYSE:IYG) and SPDR Select Sector Fund – Financial (NYSE:XLF).
Price Action: JPM shares are down 3.79% at $237.70 at the last check Thursday.
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