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KKR Reaches $2.2B Deal for Sale of Infill and Light Industrial Portfolio
KKR said Tuesday it had agreed to sell a 14.5-million-square-foot infill and light industrial portfolio to Oxford Properties Group for approximately $2.2 billion. The portfolio consists of 149 high-quality distribution buildings in 12 major industrial U.S. markets, including the Inland Empire, Dallas, Atlanta, Phoenix, Chicago, Houston, Tampa, Orlando, San Diego and the Baltimore-Washington corridor.
“Four years ago, we set out to create a large, stabilized portfolio that would benefit from secular changes in the logistics sector largely driven by e-commerce and consumer preference changes,” said Rogar Morales, New York City-based KKR’s head of real estate acquisitions. “Today’s transaction not only demonstrates how this strategy is performing for our investors, but also reflects the tremendous market opportunity we continue to see in industrial real estate.”
The sale doesn’t represent KKR’s exit from the industrial sector. The company will still own more than 20 million square feet of U.S. industrial properties.
- ◦Sale/Acquisition
