NEW YORK--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced that KKR has acquired an approximately 226,000 square-foot, Class A industrial distribution property in the Papago industrial park, located in the highly infill Southwest Valley submarket of Phoenix, Arizona.
The property was built in 2000 and is recently renovated and leased on a long-term basis to a leading industrial building products manufacturer. It features 30-foot clear heights, a 130-foot truck court and direct rail access. Situated just off I-10, the distribution facility provides direct access to downtown Phoenix in approximately 10 minutes and attractive coverage of the entire Phoenix metropolitan statistical area with its close proximity to Highway 202 and I-17.
The purchase grows KKR’s industrial real estate portfolio in Phoenix to approximately two million square feet and was made through the KKR Real Estate Partners Americas III fund.
“Phoenix continues to be a high conviction market for our real estate business and we are pleased grow our presence in the market with the purchase of this well-located and modern industrial distribution property,” said Ben Brudney, a Director in the real estate group at KKR who oversees the firm’s industrial investments in the United States.
Across its funds, KKR owns approximately 34 million square feet of industrial property in strategic locations across major metropolitan areas in the U.S. Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $33 billion across the U.S., Europe and Asia as of June 30, 2021. KKR’s global real estate team consists of approximately 130 dedicated investment professionals, spanning both the equity and credit business, across 12 offices and nine countries.
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.