January 13, 2021
New York-based KKR acquired a 263,000-square-foot industrial distribution property in Goodyear from developers, Provident Real Estate Ventures and Merit Partners, for nearly $43.2 million. The PV303 West II facility is occupied by a high quality, credit tenant in Daimler Trucks, which opened a parts distribution center in late 2019 to serve dealers in the Southwest.
The property at 17017 W. Indian School Rd. is a modern fulfillment center completed in 2019 near the I-10 freeway. The facility includes state-of-the-art physical features including 36-foot clear heights and was 100% leased at acquisition on a long-term basis.
KKR’s Roger Morales says, “We continue to like high growth markets across the Sunbelt and are excited to further expand our presence in Phoenix with this high-quality asset well suited to today’s logistics needs.”
The deal boosts KKR’s industrial footprint in the Phoenix MSA to more than two million square feet.
Cushman & Wakefield’s Will Strong, Greer Oliver, and Connor Nebeker-Hay brokered the deal.
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