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March 2, 2021
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KKR Closes $43 Mil AZ Industrial Buy


KKR has purchased a newly constructed, 263.6k sf industrial distribution/warehouse facility in Goodyear, AZ for $43.1 mil ($163.50/sf). Built in 2019, the building, located at 17017 W Indian School Rd in the Phoenix MSA, is fully leased to a single international credit tenant, one of the world’s leading manufacturers of large commercial vehicles.

The asset was sold by principals of Provident Real Estate Ventures, out of Minneapolis. Additionally, Merit Partners and Sunbelt Holdings were partners with Provident and served as both developer and property manager of the project.

The Class A building is situated on more than 15 acres and is strategically located within PV | 303, a rapidly growing master-planned business park, and benefits from immediate access to the Loop 303 and I-10. The facility features three points of ingress and egress, fully air-conditioned warehouse, 36’ clear height, ample loading with 100% concrete truck courts and dedicated truck lanes, an ESFR sprinkler system, and automatic truck court gates.

Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.

“This offering was a rare core investment opportunity to acquire a fully leased, state-of-the-art industrial building with outstanding high quality and long-term tenancy in a high-demand industrial submarket—the asset is positioned in a ‘main and main’ location in the heart of one of the best performing markets in the U.S.,” said Will Strong. “Built less than two years ago for the tenant, the facility was constructed and designed to absolute perfection, and boasts all the modern features sought by today’s industrial users.”

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