{"id":1004503840,"date":"2021-01-13T03:42:36","date_gmt":"2021-01-13T11:42:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004503840"},"modified":"2021-01-13T03:42:36","modified_gmt":"2021-01-13T11:42:36","slug":"kkr-acquires-phoenix-industrial-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-phoenix-industrial-asset\/","title":{"rendered":"KKR Acquires Phoenix Industrial Asset"},"content":{"rendered":"
\"\"<\/a>

Roger Morales, Partner & Head of Commercial Real Estate Acquisitions in the Americas, KKR. Image courtesy of KKR<\/em><\/p><\/div>\n

KKR has expanded its Phoenix industrial portfolio with the acquisition of a 263,000-square-foot distribution property in Goodyear, Ariz., from developers Provident Real Estate Ventures and Merit Partners.<\/p>\n

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READ ALSO<\/strong>: Stos Partners Buys Phoenix-Area Industrial Asset<\/a><\/p>\n

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The global investment firm, which made the acquisition through its core-plus real estate strategy, now owns more than 2 million square feet of industrial assets in the Phoenix MSA.<\/p>\n

The sale price was not released but KKR said the state-of-the-art fulfillment center was completed in 2019, has 36-foot clear heights and is located in close proximity to Interstate-10, a major cross-country trucking artery. The property is fully leased by a high-quality tenant on a long-term basis. The tenant was not identified.<\/p>\n

Roger Morales, KKR partner & head of commercial real estate acquisitions in the Americas, called the property a high-quality asset that is well-suited to current logistics needs. He said in a prepared statement KKR continues to like the high-growth markets in the Sunbelt.<\/p>\n

The firm made its first foray into the Phoenix area in September, when it purchased a 380,000-square-foot distribution property in the Southwest Valley submarket<\/a> for approximately $43 million. That asset was also built in 2019 and fully leased by a single tenant. It was the third industrial property acquired through KKR\u2019s core-plus real estate strategy, which focuses on longer-hold commercial real estate properties. In July, KKR closed on its first two industrial acquisitions made through the core-plus real estate strategy\u2014two distribution properties in the Chicago and Charlotte, N.C., metro areas with a total of 2.5 million square feet for $260 million.<\/p>\n

Industrial strength<\/strong><\/h2>\n

Across its funds, KKR now owns approximately 32 million square feet of industrial property in major U.S. metropolitan areas. In December, KKR acquired two industrial assets in Dallas and Houston<\/a> totaling 1.8 million square feet in a deal valued at $171 million, as part of its core-plus real estate strategy. The locations were not disclosed, but the assets were described as state-of-the-art properties that were each fully occupied by a single investment-grade tenant with long-term leases.<\/p>\n

KKR has also made recent industrial acquisitions in the Atlanta area. In November, the firm purchased a 1 million-square-foot warehouse located in The Cubes at Bridgeport<\/a> industrial park in Newnan, Ga., from CRG, that is being leased by Amazon as a fulfillment center.<\/p>\n

In September, KKR acquired Atlanta Last-Mile Center<\/a>, 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. The two-story facility located across from Hartsfield-Jackson International Airport is fully leased to two tenants, including Amazon.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following the purchase, the global investment firm\u2019s portfolio in the metro now exceeds 2 million square feet. <\/p>\n","protected":false},"author":1068,"featured_media":1004503870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21742,1601,15],"tags":[37482,32914,32883],"class_list":["post-1004503840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-latest","category-phoenix","category-west","tag-amazon","tag-e-commerce","tag-kkr"],"acf":[],"yoast_head":"\nKKR Acquires Phoenix Industrial Asset - 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-acquires-phoenix-industrial-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KKR Acquires Phoenix Industrial Asset\" \/>\n<meta property=\"og:description\" content=\"Following the purchase, the global investment firm\u2019s portfolio in the metro now exceeds 2 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-phoenix-industrial-asset\/\" \/>\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=\"2021-01-13T11:42:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/Roger-Morales.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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-acquires-phoenix-industrial-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-phoenix-industrial-asset\/\",\"name\":\"KKR Acquires Phoenix Industrial Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-phoenix-industrial-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-phoenix-industrial-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/Roger-Morales.jpg\",\"datePublished\":\"2021-01-13T11:42:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-phoenix-industrial-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-phoenix-industrial-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-phoenix-industrial-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/Roger-Morales.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/Roger-Morales.jpg\",\"width\":800,\"height\":620,\"caption\":\"Roger Morales, Partner & Head of Commercial Real Estate Acquisitions in the Americas, KKR. 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