Zenith IOS and J.P. Morgan Asset Management execute lease for 18-acre industrial outdoor storage build to suit

Clearwater, FL According to Zenith IOS (“Zenith”) the platform, in partnership with institutional investors advised by J.P. Morgan Asset Management, has executed a build to suit lease with IAA, an RB Global company, comprising 18 acres at the Sunshine Industrial Park.

IAA, represented by Jones Lang Lasalle (JLL), partnered with Zenith to design a space that will accommodate vehicle storage and serve as the main hub for the greater Tampa Bay region. Construction commenced in May, and the 785,000 s/f lot will be delivered to the tenant this fall. Sunshine Industrial Park is centrally located in Pinellas County, Florida’s most densely populated county, and is comprised of over 200,000 s/f of small bay industrial buildings alongside over 50 acres of industrial outdoor storage. 

“This project signifies a major milestone for Zenith IOS and demonstrates Zenith’s ability to design and develop large-scale, custom outdoor storage solutions. This execution illustrates our ability to work closely with tenants to provide tailormade solutions that match their needs,” said Ben Atkins, CEO and co-founder of Zenith IOS. 

John Dunphy, Charlie Kenning, and Grant Glattly represented the tenant. Brad Hutton, Pat Kelly and David Hovis with Franklin Street represented Zenith and institutional investors advised by J.P. Morgan Asset Management on the acquisition of the property in 2022 and have since overseen the execution of seven leases across 24 acres. The team will be leasing the last eleven acres of outdoor storage available at Sunshine Industrial this fall. 

Sunshine Industrial Park is a trademark investment for the Zenith-J.P. Morgan partnership, which remains bullish on the Central Florida IOS market and is committed to acquiring further assets across the country.