KKR Buys Phoenix-Area Distribution Center for $92M

101 at Van Buren

KKR & Co. has acquired a recently completed speculative distribution center in the Phoenix suburb of Avondale, Ariz. The company acquired 101 at Van Buren through an affiliated entity for $91.8 million, according to public records. The seller was Crow Holdings Capital, CommercialEdge data indicates.

The Class A logistics property includes two buildings totaling 633,321 square feet. The distribution center can accommodate tenants looking for floorplates ranging from 38,000 square feet to the entirety of a 224,740-square-foot building and a 408,581-square-foot building. The single-story industrial facilities have 36- to 32-foot dock high bays, 159 dock high doors, 116 trailer stalls, 534 parking spaces, and were built with covered parking and ESFR sprinkler systems.

READ ALSO: What’s Driving Industrial Property Management Today

Tenants get eight points of ingress and egress at 101 at Van Buren, which is located on a 39-acre parcel at the northwest corner of 101st Avenue and Van Buren Street. The distribution center’s location puts it near Arizona’s Interstate 10 and Loop 101 highways.

Seefried Industrial Properties and Crow Holdings started construction at 101 Van Buren in October 2021, which was the second phase of Avondale Commerce Park. The two partners completed 101 Van Buren in mid-2022, with the help of DLR Group as the project’s architect and Willmeng as the general contractor. Prior to 101 Van Buren, Seefried and Crow Holdings built out the first phase of the project in early 2020, which was called 101 Logistics Park and offered a total of 652,146 square feet.

Influx of industrial projects

On top of KKR’s acquisitions in the industrial market, the New York-based company has also started developing ground-up industrial properties. KKR already has four developments underway, with another four in the pre-development stages, for a total of 1.8 million square feet. The company is working with Seefried, JLL and CBRE to lease and market the projects.

On its own, Seefried is also building out an industrial portfolio. The company is working with a variety of partners, including Clarion Partners to develop a 1.4 million-square-foot logistics property in Buford, Ga., and USAA Real Estate to construct a 1.8 million-square-foot industrial complex in Deltona, Fla.