{"id":1004725785,"date":"2024-08-20T01:40:34","date_gmt":"2024-08-20T09:40:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004725785"},"modified":"2024-08-20T04:25:04","modified_gmt":"2024-08-20T12:25:04","slug":"kkr-pays-377m-for-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-pays-377m-for-industrial-portfolio\/","title":{"rendered":"KKR Makes $377M Investment"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/19936-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004725786\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kkr-pays-377m-for-industrial-portfolio\/19936-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/19936-1.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"KKR_Park_8Ninety\" data-image-description=\"&lt;p&gt;Property at 9021 S. Sam Houston Parkway, Missouri City, Texas.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Last month, KKR-advised capital accounts in conjunction with REPA III purchased Park 8Ninety in Missouri City, Texas. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/19936-1.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/19936-1.jpg\" alt=\"Image depicts one of Park 8Ninety's warehouses\" class=\"wp-image-1004725786\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/19936-1.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/19936-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/19936-1.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">Last month, KKR purchased Park 8Ninety in Missouri City, Texas. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>KKR has purchased an industrial portfolio of about 2 million square feet across six Class A logistics assets in gateway and Sun Belt markets for some $377 million. Capital accounts advised by KKR funded this investment.<\/p>\n\n\n\n<p>On average, the fully leased properties feature 35-foot clear heights and a 2014 completion year. The facilities are located throughout infill submarkets in Seattle, Atlanta, Philadelphia, New Jersey, as well as the San Francisco Bay Area.<\/p>\n\n\n\n<p>KKR Managing Director Ben Brudney said, in prepared remarks, that high quality assets in good locations, with diverse demand drivers and accommodative labor forces, will become more and more difficult to find in the following years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-from-a-blank-slate-to-75-billion-in-assets\">From a blank slate to $75 billion in assets<\/h2>\n\n\n\n<p>KKR\u2019s global real estate business has evolved from a blank slate in 2013 to $75 billion in assets as of June 30, 2024. The company\u2019s total warehouse acquisitions in the U.S. total nearly 6 million square feet year-to-date.<\/p>\n\n\n\n<p>One of the firm&#8217;s recent purchases is Park 8Ninety, a 12-building industrial logistics park in Missouri City, Texas. Artis Real Estate Investment Trust <a href=\"https:\/\/www.commercialsearch.com\/news\/kkr-wraps-234m-industrial-buy\/\">sold the asset for about $234 million<\/a> in July. The 1.8 million-square-foot, master-planned campus came online in phases between 2017 and 2022.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide\" style=\"background-color:#abb8c3;color:#abb8c3\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-transactions\/\">Top 5 Markets for Industrial Transactions<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide\" style=\"background-color:#abb8c3;color:#abb8c3\"\/>\n\n\n\n<p>KKR bought the asset through its Real Estate Partners Americas III fund, as well as capital accounts under its advisement. The fund <a href=\"https:\/\/www.commercialsearch.com\/news\/kkr-closes-4-3b-opportunistic-real-estate-fund\/\">closed in 2021 at $4.3 billion<\/a>\u2014more than tripling REPA I which closed at $1.2 billion and doubling REPA II which closed at $1.9 billion\u2014and is dedicated primarily to opportunistic real estate investments in the U.S.<\/p>\n\n\n\n<p>Another REPA III-funded acquisition closed last year, when KKR <a href=\"https:\/\/www.commercialsearch.com\/news\/kkr-pays-250m-for-two-industrial-properties-in-phoenix-atlanta\/\">bought two newly delivered industrial assets<\/a> in separate transactions for roughly $250 million. Located in Phoenix and Palmetto, Ga., the two properties encompass 2 million square feet.<\/p>\n\n\n\n<p>However, not all of KKR&#8217;s industrial investments involved REPA III. In May, <a href=\"https:\/\/www.commercialsearch.com\/news\/kkr-pays-76m-for-nashville-logistics-asset\/\">the firm paid $76.2 million<\/a> for a two-building industrial asset in Nashville, Tenn., financing the purchase with a $42 million loan issued by Forethought.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fully leased properties are in gateway markets and the Sun Belt. <\/p>\n","protected":false},"author":3471,"featured_media":1004725786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,23891,21742],"tags":[32883],"class_list":["post-1004725785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-national","category-latest","tag-kkr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KKR Makes $377M Investment - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"KKR acquired a six-property industrial portfolio for $377 million. 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