KKR pays $90m for Phoenix industrial park

KKR pays $90m for Phoenix industrial park

KKR has purchased 101 at Van Buren, a newly constructed industrial park consisting of two Class A buildings located in Phoenix’s Southwest Valley industrial submarket.

KKR acquired the industrial park from a real estate fund advised by Crow Holdings Capital and Seefried Industrial Properties for $90 million.

The acquisition further grows KKR’s portfolio of high-quality industrial real estate across the Phoenix market to nearly three million square feet.

The property is strategically located in close proximity to major transportation nodes, including Interstate Highway 10 (I-10) and Arizona State Route 101 (Loop 101), and has over 600,000 square feet of space with state-of-the-art physical features designed for multi-tenant occupancy. The buildings were delivered in June 2022 and feature 135’+ truck courts and 36 foot clear heights.

“We are excited to add 101 at Van Buren to our portfolio,” said Ben Brudney, a Director in the Real Estate group at KKR who oversees the firm’s industrial investments in the United States. “We continue to invest in high-quality industrial real estate to meet the needs of modern supply chains and are encouraged by the continued momentum in the Phoenix market, including strong leasing velocity.”

The purchases were made through KKR Real Estate Partners Americas III, KKR’s Americas opportunistic equity real estate fund.