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April 13, 2021
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KKR Completes $68 Mil AZ Industrial Portfolio Buy


In an AZ industrial acquisition deal, KKR paid $68 mil for a five-building, 540k sf ($126/sf) portfolio in key locations across the metro Phoenix market. The multi-tenant, fully leased infill properties were sold by Lincoln Property Company (LPC).

The buildings were constructed between 1980 and 1990 and are located at 4441 W. Polk St, 120 E. Watkins St, 4720 W. Van Buren St and 5240 and 5302 W. Buckeye Rd (Freeport Distribution Center). They feature 24- to 28-foot clear height, dock-high and grade-level doors, and generous parking ratios.

All of the buildings are multi-tenant industrial warehouses designed for small- to mid-size users. They are strategically located in the highly desirable Southwest and Airport submarkets, minutes from Interstates 10 and 17, State Route 60 and the Loop 202.

CBREs National Partners Team, led by Darla Longo, represented LPC in the portfolio sale. The portfolio was leased by local market experts Dan Calihan, Pat Feeney and Rusty Kennedy from CBRE, and Steve Sayre from JLL.

According to LPC data, year-over-year industrial absorption has nearly doubled in Phoenix, rising from 6.43 msf in 2019 to 12.7 msf in 2020. More than 14.45 msf of industrial product was delivered in Phoenix in 2020, with construction activity expected to continue in order to keep pace with a growing demand.

Current LPC industrial developments in the Phoenix market include the Park303 industrial park, which is home to a 1.25 msf just-completed Building 1 and has the ability to accommodate almost 4 msf of Class A industrial space at build-out, and LPCs recently announced Buckeye85, a 321.9k sf, Class A industrial project located along the I-10 Corridor and targeting mid-size users.

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