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Kennedy-Wilson Eyes Expansion of New Holdings

AUSTIN-An immediate expansion plan is under way at one of two JP Morgan holdings that have just been bought by Kennedy-Wilson. The San Antonio buys add 385,465 sf to Kennedy-Wilson's two million sf San Antonio portfolio.

By Kimberly Reeves | Updated on March 25, 2001

AUSTIN-The Austin office of Kennedy-Wilson Inc. has picked up two more San Antonio industrial projects, adding 385,465 sf, while making immediate expansion plans. Kennedy-Wilson has bought the Alamo Downs Distribution Center and City Park East Distribution Center for an amount the company disclosed as “more than $10 million.” Kennedy-Wilson already manages two million sf in the San Antonio market, an equal mix of office and industrial properties.

“JP Morgan made a decision to get out of San Antonio completely,” broker Phil Capron tells GlobeSt.com. “We were very interested. San Antonio is a steady industrial market. It’s not a lot of up or down. It’s very even.”

Kennedy-Wilson also has picked up two parcels of adjacent vacant industrial land, seven acres next door to an existing development, for future expansion. Capron says Kennedy-Wilson has already started construction drawings on a second phase on Alamo Downs for an additional 120,000 sf. Ground-breaking is scheduled for the second quarter of this year. A similar project could be in the works for City Park East Distribution.

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