KKR’s Americas opportunistic equity real estate fund has bought a $90m (€87m) industrial asset in the US from a property fund advised by Crow Holdings Capital and Seefried Industrial Properties.

The KKR Real Estate Partners Americas III fund has bought 101 at Van Buren, a newly constructed industrial park consisting of two Class A buildings located in Phoenix’s Southwest Valley industrial submarket. The property has over 600,000sqft of space.

The acquisition further grows KKR’s industrial portfolio across the Phoenix market to nearly 3m sqft, the global investment firm said.

Ben Brudney, a director in the real estate group at KKR in charge of US industrial investments, said: “We are excited to add 101 at Van Buren to our portfolio.

“We continue to invest in high-quality industrial real estate to meet the needs of modern supply chains and are encouraged by the continued momentum in the Phoenix market, including strong leasing velocity.”

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