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1/02/20
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Kennedy Wilson Fund VI (“Fund VI”), a commingled fund managed by Kennedy Wilson, has closed on two major acquisitions in deals totaling $171 mil. The purchases are for assets in Colorado and Washington.
Canyon Park East, Bothell, WA |
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In the larger buy, Fund VI acquired a three-property commercial portfolio totaling 661k sf of office, industrial and data center space for $116 mil ($175/sf). The institutional quality commercial campuses are located in Southeast Denver and Aurora, CO.
The three commercial campuses, totaling 12 buildings on 58 acres, were constructed between 1997 and 2001 and feed off the strong local technology, healthcare, and aerospace markets, with a line-up of well-capitalized, investment grade tenants including Raytheon, Santander, Comcast, Honda, Honeywell and Caterpillar. The portfolio is currently 90% occupied.
Fund VI also recently acquired Canyon Park East, an institutional-quality commercial campus with five buildings across 16.5 acres in Bothell, WA for $55 mil. Canyon Park East includes a mix of office, flex and warehouse space constructed between 1990 and 1993.
The tenant mix at Canyon Park East includes Lyell ImmunoPharma, Ventec Life Systems and the Food & Drug Administration. PCE Pacific, the exclusive regional partner of Emerson Electric, is the largest tenant in the commercial campus, which is situated at a pivot point between Seattle, Bellevue, Redmond and Everett via I-405 and I-5. The region also boasts a highly educated workforce, with 64% of adults on the Eastside holding a bachelor’s degree or higher.
Fund VI’s acquisition of the Denver-area portfolio along with the recently acquired 269k sf Canyon Park East commercial campus in Bothell, WA, come on the heels of Kennedy Wilson announcing the close of fundraising for Fund VI, which exceeded its target by securing $775 million of capital commitments. With more than $2 bil in purchasing power, Fund VI targets value-add real estate opportunities in high growth markets across the Western United States and focuses on underperforming real estate that should benefit from a significant repositioning or renovation through Kennedy Wilson’s asset management program.
Kennedy Wilson has an 11% interest in Fund VI, which has a current portfolio of 12 multifamily, office, retail and other commercial assets with an aggregate purchase price of $1.1 billion. Fund VI has deployed $386 million of equity to date in markets including San Jose and Los Angeles, California, Salt Lake City, Utah, and the Seattle region.
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