Global investment firm KKR has acquired two industrial distribution properties, totaling approximately 2.5 million square feet, in major markets of Chicago and Charlotte for $260 million.
”The properties were 100% leased at acquisition to a high quality, investment grade tenancy on a long term basis. The properties were acquired through separate transactions with two different sellers,” said KKR in a statement. ”The two properties are the first industrial properties acquired by KKR’s core plus real estate strategy.”
“We are excited to increase our footprint in these major distribution markets with the addition of two high quality, stable assets,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas.
“We believe that the current environment will lead to continued acceleration of e-commerce penetration which drives demand for large modern distribution centers like the ones we are acquiring. Logistics real estate represents a growth opportunity as more and more U.S. consumers migrate to shopping online,” he added.
KKR owns over 12 million square feet of industrial property in strategic locations near major metropolitan areas across the U.S.