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.