Zenith IOS and J.P. Morgan Asset Management have announced the completion of their latest industrial outdoor development in Clearwater, Fla.
Last August, the companies launched a $700 million partnership to invest in IOS facilities. They had formed a similar venture in 2022.
The 18-acre property is located at Sunshine Industrial Park, which Zenith acquired in 2022. Construction on the outdoor storage facility began in May 2024. The build-to-suit project will be occupied by Insurance Auto Actions and will act as the company’s primary hub in the Tampa region.
According to CommercialEdge data, Zenith purchased the 83-acre Sunshine Industrial Park property for $27.5 million. The property included seven warehouses and 30 acres of undeveloped land at the time of purchase. Commercial Property Executive previously reported that the facility was set to feature automatic gates, advanced lighting, a fenced-in boundary and a stabilized surface solution.
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Located in Pinellas County, Fla., the site is along 126th Ave. N. The new IOS facility is approximately 24 miles west of Tampa and 11 miles northwest of St. Petersburg. The St. Pete-Clearwater International Airport is approximately 3 miles away.
Growing IOS Activity
IOS developments and transactions have seen an uptick in activity in 2025. In addition to completing this new storage facility, the partnership received $120 million in financing from Washington Capital Management. This financing went toward acquiring two regional portfolios including 30 IOS assets across the U.S.
Outour Storage Investments partnered with Cerberus Capital Management to secure financing for a total of 2.3 million square feet of IOS real estate in March. The eight facilities are located in Chicago, Phoenix, Dallas-Fort Worth, Houston, Atlanta, Las Vegas and Inland Empire, Calif.
Last month, Bespoke Holdings obtained $6.2 million in financing for two properties in Idaho. The two facilities span 17 acres and include about 750,000 square feet. The loan is being used for property improvements such as fences and lighting installations at storage yards for industrial use.
