{"id":1004721833,"date":"2024-07-18T03:23:08","date_gmt":"2024-07-18T11:23:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004721833"},"modified":"2024-08-20T01:44:42","modified_gmt":"2024-08-20T09:44:42","slug":"kkr-wraps-234m-industrial-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-wraps-234m-industrial-buy\/","title":{"rendered":"KKR Wraps $234M Industrial Buy"},"content":{"rendered":"\n

KKR has acquired Park 8Ninety, a 12-building industrial logistics park in southwest Houston, from Artis Real Estate Investment Trust for $234 million.<\/p>\n\n\n

\n
\"Park
Park 8Ninety, Building 7 at 521 US Highway 90A, Missouri City, Texas. Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n

The approximately 1.8 million-square-foot, master-planned campus was completed in phases between 2017 and 2022.<\/p>\n\n\n\n

The 127-acre property has a diverse mix of Class A single-tenant and multi-tenant logistics buildings, with clear heights ranging from 24 feet to 36 feet, able to serve a variety of industrial uses.<\/p>\n\n\n\n

The park has direct access to Beltway 8 and other major interstate transportation routes.<\/p>\n\n\n\n

Houston continues to benefit from strong demand fundamentals<\/a> and comparatively lower supply than many other U.S. markets, KKR said in a statement.<\/p>\n\n\n\n

Alex Olshansky, head of investments at Zenith IOS, told Commercial Property Executive<\/em> that Houston\u2019s industrial market benefits from multiple durable demand drivers: a large and growing population base, one of the most active ports in the country, and a position as the de facto American energy capital.<\/p>\n\n\n\n

\u201cHouston is also well-positioned to benefit from ongoing re-industrialization and nearshoring trends, which should provide meaningful growth tailwinds in the region,\u201d he said.<\/p>\n\n\n\n

Reggie Beavan, vice chairman in Newmark\u2019s Houston office, told CPE<\/em> that Houston\u2019s industrial market is defined by substantial demand drivers of energy, manufacturing, population growth\/consumptive demand and a strong logistics network.<\/p>\n\n\n\n

\n\n\n\n

READ ALSO<\/strong>: Houston a Bright Spot Amid Slowing Medical Office Sector<\/a><\/p>\n\n\n\n

\n\n\n\n

The Port of Houston remains one of the most active ports across the U.S. and is the largest Gulf Coast container port, handling 73 percent of U.S. Gulf Coast container traffic.<\/p>\n\n\n\n

The Port has seen a tremendous increase in container traffic and is expected to handle nearly 3.4 million containers in 2024, the greatest volume on record, according to Beavan.<\/p>\n\n\n\n

Houston’s central location<\/h2>\n\n\n\n

Houston is also served by all three Class I Railroads, which further bolsters the region\u2019s ability to logistically serve the U.S. in a central location.<\/p>\n\n\n\n

\u201cAs the fourth-largest city in the U.S., Houston has a very business-friendly environment, which is not dominated by heavy regulation or labor union strife,\u201d Beavan said. \u201cThese factors\u2014combined with Texas\u2019 low tax environment\u2014have continued attracting investment in Houston, further contributing to the region\u2019s desirability as a preferred logistics hub.\u201d<\/p>\n\n\n\n

Houston\u2019s industrial market totals approximately 768 million square feet. This vast network of warehouse and manufacturing facilities serves as a local, regional, and super-regional distribution network.<\/p>\n\n\n\n

Major logistics companies such as Walmart, Amazon, Home Depot, Daikin, DHL and numerous other third-party logistics companies rely on Houston\u2019s strategic location to serve their customer base.<\/p>\n\n\n\n

Additionally, Houston\u2019s port market is home to the second-largest petrochemical complex in the world; given the global demand for energy and petrochemicals, this helps define Houston as one of the nation\u2019s premier logistics markets.<\/p>\n\n\n\n

KKR is acquiring the park through the KKR Real Estate Partners Americas III fund and capital accounts advised by KKR. Across its strategies, KKR has committed or acquired approximately $7.5 billion of logistics assets in the industrial sector since 2018 and currently owns over 48 million square feet of industrial real estate in major U.S. metros.`<\/p>\n","protected":false},"excerpt":{"rendered":"

Park 8Ninety is a logistics campus in Houston.<\/p>\n","protected":false},"author":3568,"featured_media":1004721881,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,1589,21748,21783,21742,51973],"tags":[38488,32883,50999,52038],"class_list":["post-1004721833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-houston","category-industrial","category-investment","category-latest","category-southwest","tag-artis-reit","tag-kkr","tag-newmark","tag-zenith-ios"],"acf":[],"yoast_head":"\nKKR Wraps $234M Industrial Buy - 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-wraps-234m-industrial-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KKR Wraps $234M Industrial Buy\" \/>\n<meta property=\"og:description\" content=\"Park 8Ninety is a logistics campus in Houston.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kkr-wraps-234m-industrial-buy\/\" \/>\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=\"2024-07-18T11:23:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-20T09:44:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Building-7-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"803\" \/>\n\t<meta property=\"og:image:height\" content=\"610\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Richard Berger\" \/>\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-wraps-234m-industrial-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kkr-wraps-234m-industrial-buy\/\",\"name\":\"KKR Wraps $234M Industrial Buy - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-wraps-234m-industrial-buy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-wraps-234m-industrial-buy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Building-7-featured.jpg\",\"datePublished\":\"2024-07-18T11:23:08+00:00\",\"dateModified\":\"2024-08-20T09:44:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6d4c5f1b2f682b3604ad9fe73c19fed7\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-wraps-234m-industrial-buy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/kkr-wraps-234m-industrial-buy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-wraps-234m-industrial-buy\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Building-7-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Building-7-featured.jpg\",\"width\":803,\"height\":610,\"caption\":\"Park 8Ninety, Building 7 at 521 US Highway 90A, Missouri City, Texas. 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