{"id":1004519623,"date":"2021-04-01T05:06:38","date_gmt":"2021-04-01T13:06:38","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004519623"},"modified":"2021-05-15T10:21:24","modified_gmt":"2021-05-15T18:21:24","slug":"kkr-makes-68m-phoenix-industrial-investment","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-makes-68m-phoenix-industrial-investment\/","title":{"rendered":"KKR Makes $68M Phoenix Industrial Investment"},"content":{"rendered":"
\"\"

120 E. Watkins St.<\/p><\/div>\n

KKR has acquired a five-building, 540,000-square-foot industrial portfolio in Phoenix for $68 million through its Americas opportunistic equity real estate strategy. According to CommercialEdge information, the previous owner was Lincoln Property Co., which had bought the assets in separate transactions between 2002 and 2014.<\/p>\n

The deal marks KKR\u2019s second industrial real estate purchase in the Valley in 2021, expanding the firm\u2019s total Phoenix industrial footprint to some 2.5 million square feet. In this year’s first acquisition, the firm paid $43.1 million for a 263,000-square-foot warehouse<\/a> in Goodyear, Ariz., according to CommercialEdge.<\/p>\n

Three of the properties are located within a 1-mile radius at 4441 W. Polk St., 4720 W. Van Buren St. and 5240 & 5302 W. Buckeye Road in the Phoenix West submarket. The fourth occupies more than 4 acres at 120 E. Watkins St., less than 2 miles south of downtown Phoenix and 10 miles from the other portfolio components.<\/p>\n

All assets are last-mile warehouses completed between 1980 and 1990, CommercialEdge shows, featuring a 25-foot average clear height. The portfolio was fully leased at the time of sale, with the tenant roster including Trendwood Inc. and Express Furniture Rental.<\/p>\n

Good times for industrial transactions<\/h2>\n

Phoenix ranked third in the top 10 markets for industrial transactions<\/a> in 2020, according to CommercialEdge data. A total of 141 properties and portfolios traded last year for an aggregate value of more than $2 billion, 22.3 percent higher than the 2019 value.<\/p>\n

The Phoenix West submarket accounted for some $950 million in industrial real estate investments, nearly half of the metro\u2019s total. The submarket\u2019s largest transaction involved a 684,420-square-foot industrial center also located on West Buckeye Road, which changed hands for $72.5 million. The property last traded<\/a> in 2018 for $48.5 million.<\/p>\n

The first quarter of 2021 continued the previous year\u2019s strong investment activity. Except for KKR’s most recent transaction, five properties totaling nearly 1.2 million square feet changed hands in Phoenix West, CommercialEdge shows. In the largest deal, Link Logistics acquired a 682,291-square-foot warehouse at 1755 S. 75th Ave., financing the purchase with a $43 million loan from Wells Fargo Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

The newly acquired portfolio expanded the firm’s local footprint to roughly 2.5 million square feet.<\/p>\n","protected":false},"author":870,"featured_media":1004528648,"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":[32883,32838],"class_list":["post-1004519623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-kkr","tag-lincoln-property-company"],"acf":[],"yoast_head":"\nKKR Makes $68M Phoenix Industrial Investment - 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-makes-68m-phoenix-industrial-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KKR Makes $68M Phoenix Industrial Investment\" \/>\n<meta property=\"og:description\" content=\"The newly acquired portfolio expanded the firm's local footprint to roughly 2.5 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kkr-makes-68m-phoenix-industrial-investment\/\" \/>\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=\"2021-04-01T13:06:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:21:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/120-E.-Watkins-St-e1617276607482-300x225-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"225\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\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-makes-68m-phoenix-industrial-investment\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kkr-makes-68m-phoenix-industrial-investment\/\",\"name\":\"KKR Makes $68M Phoenix Industrial Investment - 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