{"id":1004478697,"date":"2020-09-18T03:33:38","date_gmt":"2020-09-18T11:33:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004478697"},"modified":"2021-05-15T09:16:01","modified_gmt":"2021-05-15T17:16:01","slug":"kkr-pays-43m-for-phoenix-industrial-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-pays-43m-for-phoenix-industrial-property\/","title":{"rendered":"KKR Pays $43M for Phoenix Industrial Property"},"content":{"rendered":"
\"\"<\/a>

Image by Jens Raak via Pixabay.com<\/em><\/p><\/div>\n

KKR continues to expand its industrial holdings<\/a> with the purchase of a 380,000-square-foot distribution property in Phoenix for approximately $43 million. The asset is the third industrial property acquired through KKR\u2019s core- plus real estate strategy and the first in Phoenix.<\/p>\n

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READ ALSO<\/strong>: SIOR: More CRE Transactions Stay on Schedule<\/a><\/p>\n

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The property, located in the Southwest Valley submarket, is a state-of-the-art fulfillment center completed in 2019. KKR did not release the seller or the tenant\u2019s name but did say it was fully leased at acquisition by the wholly owned subsidiary of a leading investment-grade public company.<\/p>\n

Roger Morales, KKR partner & head of commercial real estate acquisitions in the Americas, said in a prepared statement the Phoenix market has highly attractive fundamentals. He said the acquisition was an important transaction as the firm continues to develop and diversify its industrial footprint.<\/p>\n

Based in New York City, KKR owns more than 14 million square feet of industrial properties in strategic locations near major metropolitan areas across the U.S. Since launching a dedicated real estate platform in 2011, KKR has grown its assets under management to about $12 billion across the U.S., Europe and Asia.<\/p>\n

In July, KKR closed on its first two industrial acquisitions<\/a> made through the core-plus real estate strategy, which focuses on longer-hold commercial real estate properties. The firm purchased two distribution properties in the Chicago and Charlotte, N.C., metro areas with a total of 2.5 million square feet for $260 million. KKR did not publicly identify the tenants or provide many details at the time but local media reports indicated both involved Amazon fulfillment and distribution centers. In the larger of the two deals, KKR paid $176 million to Prologis for two buildings in Kenosha, Wis., part of the Chicago industrial market\u2014a 1.1 million-square-foot fulfillment center and a 500,000-square-foot distribution center. The second transaction occurred in Kannapolis, N.C., where a 1.1 million-square-foot fulfillment center known as Amazon CLT3 traded for $84 million.<\/p>\n

Atlanta industrial deal<\/strong><\/h2>\n

Last week, KKR acquired Atlanta Last-Mile Center, a 205,500-square-foot industrial asset in Atlanta, for $21.7 million from a joint venture of Hardie Real Estate Group and Palatine Capital Partners. JLL Capital Markets marketed the fully leased property on behalf of the joint venture and arranged the sale to KKR. The property is located on 30 acres across from the Hartsfield-Jackson International Airport.<\/p>\n","protected":false},"excerpt":{"rendered":"

The distribution center marks the global investment firm\u2019s first acquisition in the metro.<\/p>\n","protected":false},"author":1068,"featured_media":1004478742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,21742,1601,15],"tags":[37482,32914,32883,32956],"class_list":["post-1004478697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-amazon","tag-e-commerce","tag-kkr","tag-prologis"],"acf":[],"yoast_head":"\nKKR Pays $43M for Phoenix Industrial Property - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kkr-pays-43m-for-phoenix-industrial-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KKR Pays $43M for Phoenix Industrial Property\" \/>\n<meta property=\"og:description\" content=\"The distribution center marks the global investment firm\u2019s first acquisition in the metro.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kkr-pays-43m-for-phoenix-industrial-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-18T11:33:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T17:16:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/Image-by-Jens-Raak-via-Pixabay.png\" \/>\n\t<meta property=\"og:image:width\" content=\"913\" \/>\n\t<meta property=\"og:image:height\" content=\"670\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-pays-43m-for-phoenix-industrial-property\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kkr-pays-43m-for-phoenix-industrial-property\/\",\"name\":\"KKR Pays $43M for Phoenix Industrial Property - 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