KKR announced that it has purchased two industrial distribution properties in Texas totaling approximately 1.8 million square feet from Hines which developed the assets for $171 million.
The industrial distribution properties are located in the major markets of Dallas and Houston. Both are state of the art fulfillment centers with an average vintage 2019.
The properties were 100% leased at acquisition to two different investment grade tenants on a long-term basis.
“As more consumers migrate to shopping online and expect a seamless delivery experience, the demand for modern logistics real estate in major markets continues to grow,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas. “We are excited to help meet that demand by increasing our footprint in the Dallas and Houston markets with the addition of these two high-quality, stable assets.”
The two properties are the latest industrial assets acquired by KKR’s core plus real estate strategy, growing its total industrial real estate portfolio to approximately 7.2 million square feet. Across its funds, KKR owns over 20 million square feet of industrial property in strategic locations across major metropolitan areas in the U.S.