Global investment firm KKR continues to grow U.S. industrial real estate portfolio with its first investment in the Lehigh Valley market.
KKR said today that its real estate business has acquired a 600,000 square foot industrial distribution property in Hamburg, Pennsylvania.
“We are excited to expand our broader industrial footprint with our first acquisition in the Lehigh Valley market,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas.
Last week the company acquired a portfolio of approximately 9.7 million square feet of industrial real estate properties located in seven major markets across the U.S. for $835 million.
The latest acquisition is a state of the art fulfillment center completed in 2020, which is located just minutes from Allentown and offers excellent connectivity to New York and the broader Tri-State area within a two hour drive. The property was 100% leased at acquisition to high quality tenant on a long-term basis. KKR acquired the asset from the developer, the Keith Corporation.
KKR is making the investment through its core plus real estate strategy. Across its funds, KKR now owns over 31 million square feet of industrial property in strategic locations across major metropolitan areas in the U.S.