Transaction enhances Zenith’s presence in one of the nation’s most dynamic logistics corridors
Zenith Industrial Outdoor Storage (IOS) (“Zenith”), a leading vertically integrated industrial outdoor storage investment platform, in partnership with institutional investors advised by J.P. Morgan Asset Management, announced the acquisition of an 11-asset IOS portfolio located across the greater Phoenix metropolitan area. The portfolio encompasses approximately 39 acres and 280k square feet of industrial improvements.
The latest portfolio acquisition expands the company’s Southwest presence and is strategically located within seven miles of both Phoenix Sky Harbor International Airport and Downtown Phoenix, with direct accessibility to Interstates 10 and 17, two of the region’s most critical transportation corridors.
The assets are leased to a diversified tenant base, with no single tenant representing more than 20% of the total portfolio revenue. Current tenants support a range of industrial uses, including building materials storage and distribution, contracting services, automotive and salvage operations, heavy equipment rentals, and waste processing and disposal.
“This portfolio exemplifies the type of strategically located, mission-critical IOS assets we target in high-growth industrial markets,” said Ben Atkins, CEO of Zenith. “Phoenix continues to benefit from robust construction activity, large-scale semiconductor investment, and increasing cross-border trade flows. The tenant mix across this portfolio is closely aligned with these macroeconomic tailwinds and supports the region’s evolving industrial ecosystem.”
Zenith continues to scale its national portfolio through acquisitions, leasing execution, and development across key U.S. markets.
Over the past twelve months, Zenith’s second joint venture with J.P. Morgan Asset Management has transacted on approximately $225M of new investments. Other recent notable transactions include the acquisition of three IOS portfolios in Texas totaling approximately $60M, reflecting the company’s continued focus on infill locations within supply-constrained growth markets.
Zenith also completed a series of value-enhancing asset management initiatives in 2025, executing leases across 10 markets totaling over 3.5M square feet. The venture deployed approximately $16M in capital improvements across the portfolio, including the delivery of a build-to-suit cold storage project in Minneapolis.
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