NEW YORK – (BUSINESS WIRE) – Dec. November 2021–
KKR, a leading global investment firm, announced today that KKR has acquired two multi-tenant industrial buildings with a total area of approx.
The property consists of two multi-tenant buildings that were completed in 1997. It is in close proximity to the I-10 freeway, a major interurban artery, and provides direct access to downtown Phoenix in around 10 minutes. Each building was 100% let at the time of acquisition with a weighted average rental period of around two years. KKR acquired the asset from Mountain West Industrial Properties, a subsidiary of Baron Properties.
“We are excited to expand our portfolio in Phoenix with the purchase of these two strategically located infill buildings,” said Ben Brudney, a director of the real estate group at KKR who oversees the company’s industrial investments in the United States. “The growth in Phoenix in the first three quarters of 2021 has been exceptional and we continue to believe that there are strong drivers of demand for well-located last mile assets like this one.”
KKR is making the investment through the KKR Real Estate Partners Americas III fund. Through its funds, KKR now owns over 35 million square feet of industrial real estate in strategic locations in the major MSAs in the United States
Since launching a dedicated real estate platform in 2011, KKR has increased real estate assets under management in the USA, Europe and Asia to around 36 billion US dollars as of September 30, 2021. The global real estate team consists of over 135 dedicated investment professionals from both the equity and credit businesses.
CBRE brokered the transaction.
About KKR
KKR is a leading global investment company providing alternative asset management, capital markets and insurance solutions. KKR aims to generate attractive investment returns by adopting a patient and disciplined investment approach, employing world class people, and supporting the growth of its portfolio companies and communities. KKR sponsors mutual funds that invest in private equity, credit and real assets, and has strategic partners who manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the leadership of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For more information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
View source version on businesswire.com: https: //www.businesswire.com/news/home/20211112005388/en/
CONTACT: Media contact:
Miles Radcliffe Separator
212-750-8300
media@kkr.com
KEYWORD: UNITED STATES NORTH AMERICA ARIZONA NEW YORK
INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES COMMERCIAL AND REAL ESTATE & PROPERTY INSURANCE FINANCE BANKS PROFESSIONAL SERVICES OTHER CONSTRUCTION & REAL ESTATE
SOURCE: KKR
Copyright Business Wire 2021.
PUB: 11/12/2021 7:00 AM / DISC: 11/12/2021 7:01 AM
http://www.businesswire.com/news/home/20211112005388/en
Copyright Business Wire 2021.
[ad_2]
