KKR has announced the acquisition of a 505,906 square foot industrial distribution property in Bloomington, California from a global real estate investment advisor.
Completed in 2019, the property has state-of-the-art physical features including 36’ clear height and a 185’ deep truck court.
The property was 100% leased at acquisition to an investment grade tenant on a long-term basis. JLL Capital Markets brokered the transaction on behalf of the seller.
Strategically located in close proximity to Interstate-10, a major cross-country trucking artery, the property increases KKR’s industrial real estate footprint in the Inland Empire to nearly four million square feet.
“We are excited to grow our industrial portfolio in the Inland Empire with this modern, well-located asset,” said Ben Brudney, a Director in the Real Estate group at KKR. “There continue to be attractive opportunities to service e-Commerce demand through state-of-the-art distribution centers like this one, particularly in highly infill locations with strong demand and limited capacity for new supply.”
KKR is making the investment through its core plus real estate strategy. Across its funds, KKR now owns 34 million square feet of industrial property in strategic locations across major metropolitan areas in the U.S.