KKR Expands Real Estate Industrial Portfolio in Southern California with New San Diego Acquisition

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NEW YORK – (BUSINESS WIRE) – KKR, a leading global investment firm, today announced the acquisition of Three Piper Ranch, an industrial distribution property consisting of two buildings totaling approximately 300,000 square feet in San Diego, California. The property expands KKR’s commercial real estate in Southern California to approximately 2.4 million square feet.

The newly acquired property was built in 2007 and has 32 ‘free heights. Located in the Otay Mesa submarket in San Diego, it has great access to SR-125, SR-905, I-805, and I-5. When it was acquired, 100% of the property was rented to five separate tenants. KKR acquired the property from Zurich Alternative Asset Management, LLC and CBRE Capital Markets helped broker the sale.

“We are excited to add this high quality asset to our Southern California presence,” said Ben Brudney, director of the Real Estate Group at KKR. “We continue to like the long-term San Diego supply demand fundamentals.”

KKR is making the investment through its Real Estate Partners Americas II Fund. Through its funds, KKR owns nearly 32 million square feet of commercial real estate in strategic locations in major US metropolitan areas

Since launching a dedicated real estate platform in 2011, KKR has increased real estate assets under management in the US, Europe, and Asia to around $ 14 billion as of September 30, 2020. The global real estate team consists of over 90 dedicated investment professionals in both equity and credit.

About KKR

KKR is a leading global investment firm that works with strategic partners who manage hedge funds to manage multiple alternative asset classes, including private equity, loans and real assets. KKR aims to generate attractive investment returns for its fund investors by adopting a patient and disciplined investment approach, employing world class people, and driving growth and value creation with KKR portfolio companies. In addition to the capital it manages for fund investors, KKR invests its own capital and offers financing solutions and investment opportunities through its capital market business. References to KKR’s investments may include the activities of its sponsored funds. For more information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter at @KKR_Co.

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Source: KKR