KKR increases real estate industrial portfolio

KKR has acquired five industrial distribution properties totaling 565,644 square feet.

The assets are part of KKR’s Alpha Industrial Properties portfolio and increase the portfolio to 8 million square feet across eight high-growth markets in the United States.

The properties are located in San Diego, Baltimore, and Huntington Beach, Calif. The buildings are shallow-bay, last-mile, light-industrial warehouses. The average vintage of the properties is 1995, and in-place occupancy at acquisition is 91 percent. The properties were acquired from three different sellers.

“Given the continued strength of industrial supply-demand fundamentals, we believe infill, multi-tenant assets like these will experience strong rent growth, and we are excited to be adding them to our growing industrial portfolio,” said Roger Morales, KKR member and head of commercial real estate acquisitions in the Americas.

KKR is making the investment through its Real Estate Partners