Papago Distribution Center 1010 N. 47th Ave. Image courtesy of CenterSquare and CapRock
By Mike Sunnucks | Rose Law Group Reporter
Investment firm KKR has acquired two industrial buildings at the Papago Business Park in the West Valley.
The west Phoenix buildings total 154,000 square feet and the acquisitions bring KKR’s Phoenix industrial footprint too close to 2.5 million square feet.
New York-based KKR acquired the two buildings, both built in 1997 and 100% leased, from Mountain West Industrial Properties, an affiliate of Baron Properties.
They are located near Interstate 10 and the Loop 202 freeway in west Phoenix.
“We are excited to grow our portfolio in Phoenix with the purchase of these two strategically located infill buildings,” said Ben Brudney, a director in the real estate group at KKR who oversees the firm’s industrial investments in the United States. “The growth in Phoenix through the first three quarters of 2021 has been exceptional and we continue to believe there are strong demand drivers for well located, last mile assets like this one.”
CBRE helped broker the industrial sale. The price has yet not been disclosed.