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Wednesday, July 6, 2022

New York investor is selling more than $2 billion in warehouses, including properties in Dallas

A New York investor that’s recently been on an industrial building buying binge in Texas has inked a deal to sell warehouses in Dallas, Houston and 10 other U.S. cities.

KKR says it has agreed to sell 14.5 million square feet of industrial buildings for $2.2 billion to Canadian investor Oxford Properties.

The deal includes 149 industrial properties and is expected to close in the next few months.

Along with buildings in Dallas and Houston, the sale includes warehouses in Southern California, Atlanta, Phoenix, Chicago, Tampa, Orlando, Baltimore and the Washington, D.C., area.

“Four years ago, we set out to create a large, stabilized portfolio that would benefit from secular changes in the logistics sector largely driven by e-commerce and consumer preference changes,” KKR’s Roger Morales said in a statement. “Today’s transaction not only demonstrates how this strategy is performing for our investors but also reflects the tremendous market opportunity we continue to see in industrial real estate.”

KKR hasn’t disclosed exactly which North Texas buildings are included in the sale.

The investor recently bought several Dallas-area industrial buildings.

In December the investor purchased a more than 1-million-square-foot distribution building in Southern Dallas that’s leased long-term to e-commerce giant Amazon. In January, KKR purchased a 460,000-square-foot warehouse in Grapevine. And in May of this year, KKR acquired two new industrial buildings in Mesquite’s Urban District 30 business park.

Canada-based Oxford Properties is a pension fund investor with more than $70 billion in assets worldwide.

“High-quality, infill, consumption-driven industrial portfolios of scale trade infrequently, so this transaction is an important next step for Oxford to build a large-scale industrial business in the U.S.,” Ankit Bhatt of Oxford Properties said in a statement. “Growing our U.S. industrial business is one of Oxford’s highest conviction global investment strategies as we continue to build, buy and invest in the physical infrastructure that serves the digital economy.”

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