KKR, a leading global investment firm, today announced the acquisition of a three building industrial portfolio totaling approximately 419,350 square feet located in highly infill locations in Phoenix, Arizona. The Seller was a Joint Venture between PCCP, LLC and Hopewell Development LP.

All three assets were built in 2020 and are located approximately twenty to thirty minutes’ driving distance from Phoenix’s Central Business District. The buildings feature state-of-the-art physical characteristics, including 28’ to 32’ clear heights and offer flexible configurations for both single and multi-tenant occupancy. The newly delivered portfolio is currently in lease-up with a rent roll that is approximately 70% leased at acquisition.

The acquisition expands KKR’s industrial real estate footprint in the greater Phoenix market to nearly 2.6 million square feet.

Read more/Source: Business Wire