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KKR & Co. KKR, -2.87% announced Tuesday a deal to sell an industrial real estate portfolio for $2.2 billion to Oxford Properties. The 14.5 million square foot portfolio includes 149 distribution buildings in 12 U.S. markets, including Dallas, Atlanta, Chicago, Houston and San Diego. KKR said after the deal closes, which is expected to occur “in the coming months,” it will still own more than 20 million square feet of industrial property. “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,” said Roger Morales, KKR’s head of real estate acquisitions. “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’s stock, which was little change in premarket trading, has rallied 61.5% year to date, while the SPDR Real Estate Select Sector ETF XLRE, +0.19% has run up 28.0% and the S&P 500 SPX, -0.71% has gained 19.3%.