KKR has acquired Southpointe 20/35, a two-building industrial complex totaling 1 million square feet in Lancaster, Texas. Barings sold the fully leased, Class A buildings, Dallas County records show. Shortly after the acquisition, KKR landed a $126.2 million loan for the property from Wells Fargo Bank.
The purchase was part of a $300 million buying spree that also included a four-building, 1.1 million-square-foot industrial park in Buford, Ga. KKR completed the transactions through its Americas core plus equity real estate strategy.
Over the last four years, KKR invested $7 billion in growing its nationwide industrial footprint, which currently totals more than 45 million square feet.
Located at 2821 and 2935 Danieldale Road, Southpointe 20/35 includes a facility with a 36-foot clear height and another with a 32-foot clear height on more than 58 acres, CommercialEdge data shows. The 2016-built industrial park has a total of 196 dock-high and four grade-level loading doors.
The property is less than 2 miles from interstates 35E and 20, within 9 miles of Lancaster Airport and some 12 miles south of downtown Dallas. Notable tenants in the area include thredUP, BMW and Mars Petcare, among others. As of June, the industrial vacancy rate across the Dallas–Fort Worth metro reached 4.1 percent, 50 basis points below the national average, according to CommercialEdge.
KKR’s growing local footprints
Since the beginning of the year, KKR has made several acquisitions across the Lone Star State. In June, the firm purchased Corner Ridge Crossing, a 576,047-square-foot industrial park in San Antonio. Hines sold the asset with the help of JLL Capital Markets.
In March, the company acquired Alliance Northport, an industrial park totaling 911,654 square feet in Northlake, from Hillwood. The three-building property occupies 62 acres within AllianceTexas.
KKR’s recent Georgia buys include 2800 Vista Ridge Drive, an industrial building totaling 252,092 square feet in Suwanee, CommercialEdge data shows. That property is also in the Atlanta market, as the recently acquired Buford asset.