Two Investment Giants Launch Separate Platforms for Industrial, Self-Storage
Not surprisingly, these companies find that distribution centers and self-storage real estate are generating strong returns.
Tishman Speyer and KKR have embarked on new investment platforms in two separate endeavors that happened to be announced on the same day.
Tishman Speyer, Hana Financial Group and Vestas Investment Management partnered to purchase two “middle mile” distribution centers—one in Colorado and the other in Pennsylvania.
The facilities, both of which are 100% leased, were purchased from SunCap Property Group, the developer of the properties.
KKR announced the launch of a platform to invest in self-storage real estate across the United States.
Tishman’s Sites Located Near Airports
The portfolio acquisition is the first by Tishman Speyer and Hana Financial Group as part of a new $500 million co-investment vehicle targeting a diversity of asset classes and global markets.
As part of the portfolio transaction, Tishman Speyer, HFG, and Vestas acquired a 279,000 square-foot Class A industrial property located at 4333 Integration Loop in Colorado Springs. It is located approximately three miles from the Colorado Springs Airport.
The second, Class A industrial facility is located at 17 William Drive in the Imperial neighborhood of Allegheny County. Completed in 2021, the 278,000 square-foot distribution and sorting center is situated approximately five miles from Pittsburgh International Airport.
Industry Veteran to Head KKR’s Alpha Storage Properties
For KKR, its new platform will be led by industry veteran Jonathan Perry, who will serve as CEO of the platform, Alpha Storage Properties.
Perry’s team will look to acquire and manage a portfolio of self-storage assets in high-growth markets and strategic infill locations across the country.
“Self-storage is a resilient sector that has experienced steady growth over the past 30 years and we are seeing an increase in demand resulting from the evolving relationship people have with their living space, the cost of housing and accelerated trends in net migration,” Roger Morales, KKR partner and head of real estate acquisitions in the Americas, said in prepared remarks.