{"id":1004553202,"date":"2021-10-08T02:31:13","date_gmt":"2021-10-08T10:31:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004553202"},"modified":"2022-12-08T01:31:26","modified_gmt":"2022-12-08T09:31:26","slug":"kkr-buys-phoenix-industrial-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-buys-phoenix-industrial-property\/","title":{"rendered":"KKR Buys Phoenix Industrial Property"},"content":{"rendered":"
\"Papago<\/a>

Papago Distribution Center 1010 N. 47th Ave. Image courtesy of CenterSquare and CapRock<\/p><\/div>\n

Global investment company KKR has purchased a Class A industrial distribution building within the Papago industrial park in the Southwest Valley submarket of Phoenix. The acquisition was made through the company’s KKR Real Estate Partners Americas III fund<\/a>.<\/p>\n

According to CommercialEdge data, the last owner was CapRock Partners, which purchased the building back in July of 2019 from Clarion Partners.<\/p>\n

\n

READ ALSO: <\/strong>Phoenix Is Thriving. Here’s Why<\/a><\/p>\n

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The property comprises 226,000 square feet and was built in 2000. The building was recently renovated and leased long-term to a leading industrial building products manufacturer. According to CommercialEdge, that company is listed as Updike Distribution Logistics.<\/p>\n

Located at 1010 N. 47th Ave., the asset is situated nearby interstates 10 and 17, Highway 202 and provides convenient access to downtown Phoenix. Features include 30-foot clear heights, direct rail access and a 130-foot truck court. The property is also located in an Opportunity Zone, according to CommercialEdge, and features 52- by 40-foot column spacing, sky lights, ESFR fire sprinklers and 161 parking spaces.<\/p>\n

KKR Making Moves<\/h2>\n

This purchase brings KKR’s Phoenix industrial portfolio to more than 2 million square feet. The firm has been busy this year, making several investments within different metros and across various property types.<\/p>\n

Last month, the company purchased a stake in a major life science project in Boston<\/a>, currently being developed by a joint venture between WS Development and the Public Sector Pension Investment Board. The firm also formed a joint venture with Cornerstone<\/a> Cos. Inc. to acquire and develop health-care properties across the U.S. Earlier in September, KKR agreed to sell Riata Corporate Park<\/a>, an eight-building campus in Austin, Texas.<\/p>\n

Previous investments in the metro area include a five-building portfolio<\/a> that was previously owned by Lincoln Property Co., as well as the acquisition of a 263,000-square-foot distribution center in Goodyear,<\/a> Ariz.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company acquired the distribution building through its REPA III fund.<\/p>\n","protected":false},"author":746,"featured_media":1004553339,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,22251,21748,21783,21742,1601,15],"tags":[35408,32790,32883],"class_list":["post-1004553202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-in-focus","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-caprock-partners","tag-clarion-partners","tag-kkr"],"acf":[],"yoast_head":"\nKKR Buys 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-buys-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 Buys Phoenix Industrial Property\" \/>\n<meta property=\"og:description\" content=\"The company acquired the distribution building through its REPA III fund.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kkr-buys-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=\"2021-10-08T10:31:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T09:31:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Papago-Ditribution-Center.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=\"IvyLee Rosario\" \/>\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-buys-phoenix-industrial-property\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kkr-buys-phoenix-industrial-property\/\",\"name\":\"KKR Buys Phoenix Industrial Property - 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