Zenith Industrial Outdoor Storage (IOS), a 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 280,000 square feet of industrial improvements.
The acquisition expands Zenith’s Southwest presence and is located within seven miles of both Phoenix Sky Harbor International Airport and Downtown Phoenix, with direct accessibility to Interstates 10 and 17.
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.”
Over the past twelve months, Zenith’s second joint venture with J.P. Morgan Asset Management has transacted on approximately $225 million of new investments. Other recent notable transactions include the acquisition of three IOS portfolios in Texas totaling approximately $60 million, reflecting Zenith’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 3.5 million square feet. The venture deployed approximately $16 million in capital improvements across the portfolio, including the delivery of a build-to-suit cold storage project in Minneapolis.
