KKR Buys Industrial Parks In The Phoenix And Atlanta Markets For $250M

KKR & Co. Inc. KKR acquired an industrial park in Phoenix, Arizona, and an industrial warehouse in Atlanta, Georgia, for an aggregate purchase price of approximately $250 million.
The purchases were made through KKR Real Estate Partners Americas III, KKR's Americas opportunistic equity real estate fund.
The Arizona property in Phoenix's Southwest Valley industrial submarket consists of three high-quality Class A buildings totaling approximately 1.3 million square feet.
The Georgia property is located in Palmetto and has a Class A warehouse totaling approximately 700,000 square feet.
KKR owns over 48 million square feet of industrial real estate in major U.S. metropolitan areas.
"We are pleased to further expand our industrial footprint in these markets, which continue to benefit from attractive growth fundamentals including positive demographic trends and on-shoring manufacturing trends," said Ben Brudney, a Director in the Real Estate group at KKR who oversees the firm's industrial investments in the U.S.
Across its funds in the U.S., KKR has committed or acquired approximately $7.5 billion of logistics assets in the industrial sector since 2018.
KKR believes its industrial supply-demand fundamentals will remain attractive in the medium to long term despite near-term supply headwinds.
Also Read: $10B Buyout Goes Bust: Envision Healthcare Backed By KKR Files Bankruptcy
Price Action: KKR shares are trading higher by 0.04% at $51.69 premarket on the last check Wednesday.

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