The global investment firm KKR (NYSE:KKR) has acquired Park 8Ninety, a 12-building industrial logistics park in Houston, from Artis Real Estate Investment Trust (OTCMKTS: ARESF) for approximately $234 million.
The acquired property is a 1.8 million-square-foot master planned park that was completed in phases between 2017 and 2022. The 127-acre Park 8Ninety encompasses Class A single-tenant and multi-tenant modern logistics buildings and is located with direct access to Beltway 8 and other major interstate transportation routes.
KKR is acquiring the park through the KKR Real Estate Partners Americas III fund and capital accounts advised by KKR.
“Park 8Ninety is a great addition to our national logistics portfolio and expands our footprint in Houston which continues to benefit from strong demand fundamentals and comparatively lower supply than many other markets in the United States,” said Ben Brudney, a managing director in the real estate group at KKR. “Park 8Ninety is a high-quality, well-designed, multi-tenant park with a diverse and staggered rent roll.”
