By Rachel Whaley CoStar Research
KKR, a New York-based global investment firm, has purchased a two-building, about 1.5 million-square-foot distribution complex in Allentown, Pennsylvania.
KKR acquired the two-building portfolio through its core plus real estate strategy from GLP Capital Partners. Financial terms of the sale were not disclosed.
Completed in 2019 and 2020, the two buildings feature a 36-foot clear height, 190-foot truck courts and large loading areas. Both buildings are fully leased by Keurig Dr Pepper, according to CoStar data. Both the tenant and prior ownership had invested significant capital into the two-building complex.
The property is located off Industrial Boulevard in the heart of the Lehigh Valley adjacent to Interstate 78, providing access to major East Coast metropolitan areas; New York, Washington and Philadelphia are within a one- to three-hour drive.
This purchase bolsters KKR's industrial real estate portfolio in Pennsylvania to just over 3 million square feet.
"We are excited to grow our portfolio in one of the country’s top distribution markets with this high quality asset," Ben Brudney, a director in the real estate group at KKR who oversees the firm's industrial investments in the United States, said in a statement. "We believe that state-of-the-art distribution centers in highly infill locations with strong demand and barriers to new supply will continue to benefit from the acceleration of e-Commerce penetration."
KKR has acquired about 47 million square feet of industrial space in strategic locations across major metropolitan areas in the United States across its funds. Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to about $36 billion across the U.S., Europe and Asia as of September 2021.
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