KKR has acquired an industrial distribution property in Phoenix for $32 million.
Built in 2001, the asset is a 32-foot clear height, Class A property located in Phoenix’s Southwest Valley. The property was 100% leased at acquisition to a high quality tenant for approximately five and a half years.
KKR acquired the asset from Cohen Asset Management and Cushman & Wakefield brokered the transaction, said the company in a statement. With the new acquisition, KKR’s industrial property investment in the Phoenix market reached nearly two million square feet.
“This is an important acquisition for us as we continue to develop and diversify our industrial footprint,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas. “The Phoenix market fundamentals remain highly attractive and we believe the continued acceleration of e-Commerce penetration will drive demand for state of the art distribution centers like this one.”
KKR is making the investment through its Real Estate Partners Americas Fund II.