{"id":1004596214,"date":"2022-08-09T01:16:08","date_gmt":"2022-08-09T09:16:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004596214"},"modified":"2022-12-08T14:37:34","modified_gmt":"2022-12-08T22:37:34","slug":"kkr-sells-1-7-msf-chicago-logistics-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/","title":{"rendered":"KKR Sells 1.7 MSF Chicago Logistics Portfolio"},"content":{"rendered":"
\"\"<\/a>

Image by EFAFLEX_Schnelllauftore via Pixabay<\/p><\/div>\n

Leading global investment firm KKR<\/strong> has sold a 13-property portfolio of distribution assets in the Chicago area to an unidentified global investment manager. The properties total about 1.7 million square feet of warehouse space with typical clear heights of 24 feet.<\/p>\n

Neither the buyer nor a dollar amount was disclosed in connection with the transaction, and a KKR spokesperson did not respond to Commercial Property Executive<\/em>\u2019s request for this and other information.<\/p>\n

Ben Brudney, a director in KKR\u2019s real estate group who oversees the firm\u2019s industrial investments in the United States, said in a prepared statement the company continues to see strong demand for well-located, last mile logistics real estate across Chicago.<\/p>\n

\n

READ ALSO:<\/strong> CRE Investor Sentiment Signals Changing Outlook<\/a><\/p>\n

\n

KKR originally acquired the properties in December 2020 through its Real Estate Partners Americas II fund. The warehouses were part of the fund\u2019s approximately $835 million purchase of 9.7 million square feet of primarily multi-tenant industrial properties across seven major U.S. metropolitan markets. That seller was High Street Logistics Properties<\/strong>.<\/p>\n

Across its funds, KKR has committed or acquired more than $7 billion of U.S. logistics assets since 2018. Recent transactions include the $137 million buy of an Inland Empire property<\/a> and the purchase of a Dallas-area portfolio<\/a>. The company currently owns more than 45 million square feet of industrial real estate nationwide.<\/p>\n

Planes and trains<\/h2>\n

Although absorption in Chicagoland\u2019s industrial real estate market declined in the second quarter, from 14.7 million square feet 12 months prior to 8.6 million square feet, strong occupier demand helped push overall vacancy down to 2.9 percent, according to a recent report from JLL<\/strong>.<\/p>\n

Further, small redevelopment projects in Cook County have been getting a steady stream of preleases. Overall, leasing was boosted by several sizable deals, mostly lease renewals, involving 3PLs and tire companies.<\/p>\n

The metro area\u2019s multiple airports (including Gary and Rockford) and its excellent rail infrastructure will continue to make Chicago attractive to shippers, JLL reported.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 13 properties were purchased in 2020 as part of an $835 million deal.<\/p>\n","protected":false},"author":882,"featured_media":1004586095,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,22251,21748,21783,13,21742],"tags":[49342,32796,32883],"class_list":["post-1004596214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-in-focus","category-industrial","category-investment","category-midwest","category-latest","tag-high-street-logistics-properties","tag-jll","tag-kkr"],"acf":[],"yoast_head":"\nKKR Sells 1.7 MSF Chicago Logistics Portfolio - CPE<\/title>\n<meta name=\"description\" content=\"KKR has sold a 13-property portfolio of distribution assets totaling 1.7 million square feet in Chicagoland to a global investment manager.\" \/>\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-sells-1-7-msf-chicago-logistics-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KKR Sells 1.7 MSF Chicago Logistics Portfolio\" \/>\n<meta property=\"og:description\" content=\"KKR has sold a 13-property portfolio of distribution assets totaling 1.7 million square feet in Chicagoland to a global investment manager.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/\" \/>\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=\"2022-08-09T09:16:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:37:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/efaflex-1630738_1280-e1655719642225.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"802\" \/>\n\t<meta property=\"og:image:height\" content=\"602\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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-sells-1-7-msf-chicago-logistics-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/\",\"name\":\"KKR Sells 1.7 MSF Chicago Logistics Portfolio - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/efaflex-1630738_1280-e1655719642225.jpg\",\"datePublished\":\"2022-08-09T09:16:08+00:00\",\"dateModified\":\"2022-12-08T22:37:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"KKR has sold a 13-property portfolio of distribution assets totaling 1.7 million square feet in Chicagoland to a global investment manager.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/efaflex-1630738_1280-e1655719642225.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/efaflex-1630738_1280-e1655719642225.jpg\",\"width\":802,\"height\":602,\"caption\":\"Image by EFAFLEX_Schnelllauftore via Pixabay\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"KKR Sells 1.7 MSF Chicago Logistics Portfolio\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"KKR Sells 1.7 MSF Chicago Logistics Portfolio - CPE","description":"KKR has sold a 13-property portfolio of distribution assets totaling 1.7 million square feet in Chicagoland to a global investment manager.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/","og_locale":"en_US","og_type":"article","og_title":"KKR Sells 1.7 MSF Chicago Logistics Portfolio","og_description":"KKR has sold a 13-property portfolio of distribution assets totaling 1.7 million square feet in Chicagoland to a global investment manager.","og_url":"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2022-08-09T09:16:08+00:00","article_modified_time":"2022-12-08T22:37:34+00:00","og_image":[{"width":802,"height":602,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/efaflex-1630738_1280-e1655719642225.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/","url":"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/","name":"KKR Sells 1.7 MSF Chicago Logistics Portfolio - CPE","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/efaflex-1630738_1280-e1655719642225.jpg","datePublished":"2022-08-09T09:16:08+00:00","dateModified":"2022-12-08T22:37:34+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"description":"KKR has sold a 13-property portfolio of distribution assets totaling 1.7 million square feet in Chicagoland to a global investment manager.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/efaflex-1630738_1280-e1655719642225.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/efaflex-1630738_1280-e1655719642225.jpg","width":802,"height":602,"caption":"Image by EFAFLEX_Schnelllauftore via Pixabay"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/kkr-sells-1-7-msf-chicago-logistics-portfolio\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"KKR Sells 1.7 MSF Chicago Logistics Portfolio"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/efaflex-1630738_1280-e1655719642225.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004596214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004596214"}],"version-history":[{"count":5,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004596214\/revisions"}],"predecessor-version":[{"id":1004596340,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004596214\/revisions\/1004596340"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004586095"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004596214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004596214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004596214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}