Global investment firm KKR has acquired an industrial distribution property in Phoenix, Arizona for $43 million. The asset is the third industrial property acquired by KKR’s core plus real estate strategy.
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The industrial distribution property in Phoenix is a state of the art fulfillment center completed in 2019 and was 100% leased at acquisition to the wholly owned subsidiary of investment grade public company, said KKR.
“We are pleased to acquire our first industrial property in Phoenix, which is a market with highly attractive fundamentals,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas. “This is an important transaction for us as we continue to develop and diversify our industrial footprint.”
KKR owns over 14 million square feet of industrial property in strategic locations near major metropolitan areas across the U.S. Since launching a dedicated real estate platform in 2011, KKR has grown real estate AUM to approximately $12.0 billion across the U.S., Europe and Asia as of June 30, 2020.