KKR & Co. has acquired a lately accomplished speculative distribution heart within the Phoenix suburb of Avondale, Ariz. The corporate acquired 101 at Van Buren by means of an affiliated entity for $91.8 million, in line with public data. The vendor was Crow Holdings Capital, CommercialEdge information signifies.
The Class A logistics property consists of two buildings totaling 633,321 sq. ft. The distribution heart can accommodate tenants on the lookout for floorplates starting from 38,000 sq. ft to the whole lot of a 224,740-square-foot constructing and a 408,581-square-foot constructing. The one-story industrial amenities have 36- to 32-foot dock excessive bays, 159 dock excessive doorways, 116 trailer stalls, 534 parking areas, and have been constructed with coated parking and ESFR sprinkler techniques.
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Tenants get eight factors of ingress and egress at 101 at Van Buren, which is positioned on a 39-acre parcel on the northwest nook of a hundred and first Avenue and Van Buren Road. The distribution heart’s location places it close to Arizona’s Interstate 10 and Loop 101 highways.
Seefried Industrial Properties and Crow Holdings began development at 101 Van Buren in October 2021, which was the second section of Avondale Commerce Park. The 2 companions accomplished 101 Van Buren in mid-2022, with the assistance of DLR Group because the undertaking’s architect and Willmeng as the overall contractor. Previous to 101 Van Buren, Seefried and Crow Holdings constructed out the primary section of the undertaking in early 2020, which was referred to as 101 Logistics Park and supplied a complete of 652,146 sq. ft.
Inflow of commercial tasks
On high of KKR’s acquisitions within the industrial market, the New York-based firm has additionally began growing ground-up industrial properties. KKR already has 4 developments underway, with one other 4 within the pre-development levels, for a complete of 1.8 million sq. ft. The corporate is working with Seefried, JLL and CBRE to lease and market the tasks.
By itself, Seefried can be constructing out an industrial portfolio. The corporate is working with quite a lot of companions, together with Clarion Companions to develop a 1.4 million-square-foot logistics property in Buford, Ga., and USAA Actual Property to assemble a 1.8 million-square-foot industrial advanced in Deltona, Fla.
