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Sign in Sign up for a FREE subscriptionKKR acquires industrial distribution property in San Diego
KKR has acquired Three Piper Ranch, an industrial distribution property in San Diego, from Zurich Alternative Asset Management.
The property was built in 2007 and is located in the Otay Mesa submarket of San Diego with access to SR-125, SR-905, I-805 and I-5. Three Piper Ranch consists of two buildings spanning 330,000 square feet.
At the time of acquisition, the property was 100 percent leased to five separate tenants.
“We are excited to supplement our footprint in Southern California with the addition of this high-quality asset,” said Ben Brudney, a director in the real estate group at KKR. “We continue to like the long-term supply demand fundamentals in San Diego.”
The property expands KKR’s industrial real estate footprint in Southern California to 2.4 million square feet.
KKR made the investment through its Real Estate Partners Americas (REPA) II fund. REPA II targets value-add and opportunistic real estate investments primarily in t
