KKR has purchased an approximately 226,000 square-foot, Class A industrial distribution property in the Papago industrial park, located in the highly infill Southwest Valley submarket of Phoenix, Arizona.
The property was built in 2000 and is recently renovated and leased on a long-term basis to a leading industrial building products manufacturer. It features 30-foot clear heights, a 130-foot truck court and direct rail access.
Situated just off I-10, the distribution facility provides direct access to downtown Phoenix in approximately 10 minutes and attractive coverage of the entire Phoenix metropolitan statistical area with its close proximity to Highway 202 and I-17.
The purchase grows KKR’s industrial real estate portfolio in Phoenix to approximately two million square feet and was made through the KKR Real Estate Partners Americas III fund.
“Phoenix continues to be a high conviction market for our real estate business and we are pleased grow our presence in the market with the purchase of this well-located and modern industrial distribution property,” said Ben Brudney, a Director in the real estate group at KKR who oversees the firm’s industrial investments in the United States.