KKR Purchases $68M Industrial Portfolio
The global firm has acquired five fully-leased, last mile warehouses in Phoenix, AZ.
PHOENIX, AZ – The global investment firm, KKR has acquired a five-building industrial portfolio in Phoenix, AZ for $68 million.
The 540,000-square-foot portfolio comprises five last mile warehouses, located in submarkets near downtown Phoenix. Each property features an average clear height of 25 feet.
The portfolio was 100% leased at closing.
The transaction represents KKR’s second industrial acquisition within the Phoenix market in 2021. The acquisition expands the company’s industrial footprint within the market to 2.5 million square feet.
KKR acquired the property through its Americas opportunistic equity real estate strategy. Through its funds, the company owns more than 33 million square feet of industrial space across the US.
“The favorable demographic trends in Phoenix that we saw in 2019 and 2020 have continued to accelerate in 2021,” says Ben Brudney, a director within KKR’s real estate group.
Brudney adds, “We are excited to further grow our footprint in the market with the addition of this portfolio. Phoenix is an important market for us as we continue to expand in 2021 and beyond.”