Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
KKR’s Chicago-Area Industrial Buy Reportedly Sets Record
KKR paid $176 million, a record for a single Chicago-area industrial property, to acquire an Amazon-leased fulfillment center in Kenosha, WI from Prologis, Crain’s Chicago Business reported. The New York City-based investment firm announced the Chicago-area acquisition and another in the Charlotte area on Wednesday without identifying the sellers.
With a total price of approximately $260 million, the two properties are the first industrial assets acquired by KKR’s core plus real estate strategy. Both were 100% leased at acquisition to a high-quality, investment grade tenancy on a long term basis.
“We believe that the current environment will lead to continued acceleration of e-commerce penetration which drives demand for large modern distribution centers like the ones we are acquiring,” said Roger Morales, KKR partner and head of commercial real estate acquisitions in the Americas. “Logistics real estate represents a growth opportunity as more and more U.S. consumers migrate to shopping online.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
