This Weeks Chicago Deal Sheet August 9, 2022
Adding to the record sales pace in Chicago is a 13-asset portfolio of distribution properties sold by KKR to an unnamed global investment manager.
No price was disclosed for the deal, although Commercial Property Executive reported KKR originally acquired the properties in December 2020 through its Real Estate Partners Americas II fund, part of an $835M deal with High Street Logistics Properties to buy 9.7M SF of warehouse assets across seven U.S. metros.
Totaling 1.7M SF of warehouse space, the Chicago-area properties are located within five minutes of Interstate 94, with close proximity to population centers in Chicago and Milwaukee.
“We continue to see strong demand for well-located, last mile logistics real estate across Chicago,” Ben Brudney, a director in the real estate group at KKR overseeing U.S. industrial investments, said in a release. “We are very pleased to deliver this portfolio of high-quality assets to new owners who share our conviction in the market.”
Across its funds, KKR said it has invested more than $7B in U.S. logistics assets since 2018. It owns over 45M SF of industrial real estate in major metros.
Read more here