J.P. Morgan Fund Buys Kendall Warehouse Pair for $38.5M

An affiliate of JPMorgan Investment Management paid $38.5 million for a pair of warehouses in Kendall, buying the 216,586-square-foot industrial portfolio from affiliates of Atlanta-based Intersect Development Group, Commercial Real Estate Direct reported. Bank of America backed the purchase with a $33.8 million loan, financing roughly 88% of the price.

Why it matters

J.P. Morgan Asset Management’s real estate arm has been building out its Florida industrial book through 2026, and the Kendall trade extends that push into one of Miami-Dade’s tightest infill submarkets rather than the outer-county land plays that dominated the last industrial cycle. Institutional buyers have been willing to pay up for stabilized South Florida warehouses even as national industrial demand has cooled, betting that scarce big-box land in inner Miami-Dade keeps rents climbing regardless of the broader cycle.

The numbers

$38.5 million bought the two-building, 216,586-square-foot portfolio, working out to $177.76 per square foot by our own math. Bank of America’s $33.8 million acquisition loan covers close to 88% of the purchase price, a leverage level consistent with an institutional buyer underwriting stabilized income rather than a value-add reposition. The seller, Intersect Development Group, is a Southeast industrial developer whose principals have built more than 15 million square feet of warehouse product across Georgia, Alabama and the Carolinas.

What’s next

Neither JPMorgan Investment Management nor Intersect Development Group has disclosed whether the two warehouses carry existing tenants or what the fund plans for the buildings. The deal fits a pattern of J.P. Morgan’s real estate platform adding infill Florida industrial to its portfolio through 2026, and the heavy debt load suggests the fund is underwriting the Kendall buildings as income-producing assets it intends to hold rather than redevelop.