Zenith IOS to Develop Tampa Bay Property

2118 California Crossing in Dallas, another Zenith IOS property. Image courtesy of Zenith IOS and J.P. Morgan Global Alternatives

Zenith Industrial Outdoor Storage is set to develop an industrial outdoor storage property in Clearwater, Fla. The 20-acre project is expected to come online in the first quarter of next year.

The Pinellas County site was part of Sunshine Industrial Park, an 83-acre property that Zenith IOS acquired in September of last year for $27.5 million, according to CommercialEdge data. The deal closed through the national IOS platform established in partnership with J.P. Morgan Global Alternatives.

Upon completion, the property will feature automatic gates, advanced lighting, a fenced-in boundary and a stabilized surface solution. Franklin Street will assist with leasing at the storage asset.

Situated in the Tampa Bay metro, the site is close to Interstate 275 and U.S. Highway 19. St. Pete-Clearwater International Airport is less than 3 miles away. The Bayside and Gandy Bridges are also nearby.

Zenith’s mega partnership

Zenith IOS and J.P. Morgan Global Alternatives created the $700 million IOS platform in early 2022, hoping to build a $1 billion portfolio within two years of partnership. The joint venture’s first move was a four-property Dallas acquisition that also included a nearly 27-acre site.

In an earlier interview with Commercial Property Executive, Daniel Laub, co-founder & COO of Zenith IOS, said the company now owns assets in some 20 markets spanning from California to New York and down from Chicago and Minneapolis to Texas and Florida. In terms of investments, the firm will continue to focus on major metros as well as on “strategic secondaries”.