New York Investor Buys $68 Million Phoenix Industrial Portfolio

Article originally posted on Phoenix Business Journal on April 8, 2021

New York-based investment firm KKR Co. bought a five-building industrial portfolio in Phoenix from Lincoln Property Co. for $68 million.

The buildings, at 4441 W. Polk St., 120 E. Watkins St., 4720 W. Van Buren St. and 5240 and 5302 W. Buckeye Road, are all in infill sites and are fully leased to 14 tenants. In total, the portfolio includes 540,039 square feet of space.

“These were the first building acquisitions I completed when we established the LPC Desert West office in Phoenix in 2001,” LPC Senior Executive Vice President David Krumwiede said in a statement. “They are a perfect example of our investment model, which is to purchase and build quality assets in excellent locations and maintain them at the highest institutional level. We have owned and managed these buildings for decades and timed their sale to maximize gains for our investment clients.”

CBRE Group Inc.’s national partners team, led by Darla Longo, represented LPC in the portfolio sale. Local market experts Dan Calihan, Pat Feeney and Rusty Kennedy from CBRE, and Steve Sayre from JLL led leasing on the portfolio.

 

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