KKR & Co's (KKR) KREST Acquires 1.1M Square-Foot Warehouse in Atlanta
- Wall St ends up with Goldman; Dow posts biggest weekly rise since June
- Goldman Sachs (GS) Smashes Analyst 3Q Views on Robust M&A and Underwriting Activity
- Tesla (TSLA) Stock: Jefferies Raises Price Target on Higher Capacity Ramp and Sustained Demand, Berlin Giga Will Set New Design and Assembly Standards Says Analyst
- Food, fuels lift U.S. import prices in September
- SEC to Allow First Ever Bitcoin (BTC) ETF - Report
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
KKR, a leading global investment firm, today announced that KKR Real Estate Select Trust Inc. (“KREST”) has acquired a 1.1 million square-foot, Class A industrial warehouse at Southern Gateway at Lambert Farms in Atlanta (McDonough), Georgia from PNK Group, an international real estate developer implementing full-cycle industrial projects.
Completed in 2020, the warehouse is centrally located in Atlanta’s logistics corridor with convenient access to the airport, the Port of Savannah and downtown and midtown Atlanta. The state-of-the-art structure features 40-foot clear height and two 190-foot truck courts. The property is 100% triple net leased to two high-quality tenants, a leading publicly traded direct-to-consumer mattress company and a logistics and supply chain company, with a weighted average lease term of approximately 10 years.
“Today’s acquisition represents another important milestone for KKR as we continue to develop and diversify our industrial footprint and KREST portfolio,” said Ben Brudney, a Director in the Real Estate group at KKR who oversees the firm’s industrial investments. “We continue to view Atlanta as a long-term winner demographically with highly attractive market fundamentals and believe accelerating e-commerce growth will drive demand for strategically located, high-quality distribution centers.”
The investment is part of KREST’s stabilized real estate investment strategy, one of the fund’s three primary investment strategies, which focuses on thematically-driven, income-generating industrial and multi-family, well-leased opportunities. The property is the fourth industrial asset in KREST’s portfolio which holds over 2.5 million square feet of logistics real estate in attractive, high-growth markets including Portland, Oregon, Memphis, Tennessee, Raleigh, North Carolina and now Atlanta, Georgia.
Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $32 billion across the U.S., Europe and Asia as of June 30, 2021. KKR’s global real estate team consists of approximately 130 dedicated investment professionals, spanning both the equity and credit business, across twelve offices and nine countries.
JLL brokered the sale on behalf of PNK Group.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- KKR & Co. (KKR) Acquires Nove at Knox in Dallas, TX
- Electronic Arts (EA) Announces NHL 22 Now Available Worldwide
- Favorable Seismic Data Prepares Atlas Salt For Great Atlantic Drilling
Create E-mail Alert Related CategoriesCorporate News
Related EntitiesTwitter, Hedge Funds, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!