- J.P. Morgan Asset Management and Zenith IOS secured a $130M refinancing package for a 14-property IOS portfolio.
- The IOS portfolio spans about 130 acres and is 98% leased, with 70% in Southeast markets.
- KeyBank provided the senior secured credit facility, marking Zenith’s first transaction with the lender.
- Zenith and J.P. Morgan continue to expand their IOS presence through joint ventures and ongoing acquisitions.
Refinancing Fuels IOS Expansion
Zenith Industrial Outdoor Storage and J.P. Morgan Asset Management closed a $130M senior secured refinancing for a 14-asset IOS portfolio, according to the Commercial Property Executive. The debt facility, provided by KeyBank, covers approximately 130 usable acres nationwide, with a strong focus on the Southeast US. The assets are almost fully leased, reflecting continued demand for IOS properties.
Capital Strategy and Key Players
The deal, facilitated by Cooper Horowitz, features about 10% building coverage and broad geographic diversity. Jessica Lauerhass of KeyBank led the lending team, while this marks Zenith’s first transaction with KeyBank. Both parties emphasized the growing institutionalization of the IOS portfolio sector and signaled opportunities for additional financing partnerships in the future, as more institutional capital flows into the space through large-scale commitments targeting high-growth IOS markets nationwide.
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Ongoing Investment Activity
Zenith and J.P. Morgan have structured several $700M joint ventures since 2022, targeting high-growth, supply-constrained IOS markets. Over the past year, their second venture closed about $225M in new IOS investments, including major portfolio acquisitions in Arizona and Texas. Recent deals include an 11-asset Phoenix-area portfolio and eight properties in Texas valued at $60M.
Looking Ahead
The Zenith-J.P. Morgan platform remains active, completing new developments and securing additional debt capital. In 2025, the group delivered an 18-acre build-to-suit for Insurance Auto Auctions in Florida’s Sunshine Industrial Park, and finalized $120M in national IOS financing. The IOS portfolio sector continues to see strong investor momentum and increasing institutional interest.
