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September 23, 2020 Comments Off on KKR Bolsters Phoenix Industrial Portfolio with Westcore Deal Views: 793 Phoenix, Phoenix & Southwest News, Top Phoenix

KKR Bolsters Phoenix Industrial Portfolio with Westcore Deal

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San Diego-based Westcore divested a roughly 380,000-square-foot industrial property at 8001 West Buckeye Rd. in Phoenix to affiliates of KKR. The roughly $43-million sale marks the closure of a previous fund for Westcore. The asset is the third industrial property acquired by KKR’s core plus real estate strategy.

KKR’s Roger Morales says, “We are pleased to acquire our first industrial property in Phoenix, which is a market with highly attractive fundamentals. This is an important transaction for us as we continue to develop and diversify our industrial footprint.”

The facility features an ESFR sprinkler system, 36-foot clear heights, cross-dock loading, an office suite and a fully secured property with drive around capabilities.

Westcore originally purchased West80 from Phoenix-based Wentworth Property Company and a private real estate fund managed by Dallas-based Crow Holdings Capital in 2019.

Cushman & Wakefield’s Will Strong, Greer Oliver, Mike Haenel and Andy Markham represented the seller. Haenel and Markham also brokered the lease with ABB Inc., earlier this spring. KKR was self-represented.

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