KKR has acquired Park 8Ninety, a 12-building industrial logistics park in Houston, Texas for $234 million. The seller was Artis REIT.
The approximately 1.8 million-square-foot master-planned park was completed in phases between 2017 and 2022. The 127-acre property has a diverse mix of single-tenant and multi-tenant logistics buildings, with clear heights ranging from 24 to 36 feet, catering to a variety of industrial uses.
"Park 8Ninety is a high-quality, well-designed, multi-tenant park with a diverse and staggered rent roll," said Ben Brudney, a managing director in the Real Estate group at KKR who oversees the firm's industrial investments in the US.
KKR is acquiring the park through the KKR Real Estate Partners Americas III fund and capital accounts advised by KKR. Across its strategies in the US, KKR has committed or acquired approximately $7.5 billion of logistics assets since 2018 and currently owns over 48 million square feet of industrial real estate in major US metropolitan areas.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
