KKR Acquires 1.6 MSF Industrial Portfolio in Atlanta for $136M

by Taylor Williams

ATLANTA — Global investment firm KKR (NYSE: KKR) has acquired a four-building, 1.6 million-square-foot industrial portfolio located throughout the greater Atlanta area for $136 million. The properties were acquired from four different undisclosed sellers.

The newly acquired properties consist of three shallow-bay, last-mile distribution assets with an average completion date of 2006. The fourth property is a fulfillment center that was completed in 2020 and is leased to an investment-grade tenant on a long-term basis.

“These acquisitions are part of our ongoing effort to expand our industrial portfolio across high-growth Sun Belt markets,” says Roger Morales, partner at KKR and head of the firm’s commercial acquisitions in the Americas.

“We are excited to increase our footprint in Atlanta, given the market’s strong supply-demand fundamentals and long-term growth trajectory,” adds Ben Brudney, director at KKR. “These are important acquisitions for us as we continue to develop and diversify our industrial footprint to include both infill and multi-tenant assets, as well as larger, single-tenant fulfillment centers.”

KKR is making the investment in the three smaller properties through its Real Estate Partners Americas Fund II. The fourth property represents an investment by KKR’s core plus real estate strategy, its first in Atlanta.

KKR’s stock price opened at $38.33 per share on Monday, Nov. 23, up from $29.20 a year ago. Across its funds, KKR owns over 18 million square feet of industrial properties in throughout the country. The company also has approximately $14 billion in real estate assets under management across the United States, Europe and Asia as of September 30, 2020.

Taylor Williams



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