An affiliate of J.P. Morgan Asset Management has acquired an 8-acre school bus depot in Berlin, NJ for $10.4 million, equating to roughly $1.3 million per acre. The property, located at 835 Watsontown Road, was sold by First Student Inc., which immediately leased back the site and will continue operations without disruption.

Positioned near Camden County Airport and just under three miles from the Routes 30 and 73 intersection, the depot offers strong connectivity. The deal reflects J.P. Morgan’s growing focus on industrial outdoor storage (IOS) assets, following its 2020 joint venture with Alterra IOS to invest $300 million in the sector.

*Article courtesy of Philadelphia Business Journal

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