KKR Acquires Vista, California Industrial Property from Westcore

Rhea-AI Summary

KKR has acquired a 197,000-square-foot industrial warehouse named Vista Commerce in Vista, California, from Westcore. The property is fully leased to a publicly listed healthcare diagnostic testing company and features significant infrastructure including 14 dock-high doors and a 27-foot clear height. This acquisition, part of KKR's strategy to expand its industrial real estate portfolio in Southern California, was facilitated through its KKR Real Estate Partners Americas III fund. The transaction signifies KKR's commitment to strategic and high-quality real estate investments.

Positive

• KKR expands its industrial real estate portfolio in Southern California.
• Vista Commerce is fully leased to a stable, publicly listed healthcare tenant.
• The acquisition enhances KKR's asset base with valuable infrastructure.

Negative

• None.

VISTA, Calif.--(BUSINESS WIRE)-- KKR, a leading global investment firm, and San Diego-based Westcore, a leading industrial real estate acquisition, development and asset management firm, today announced that Westcore has sold an approximately 197,000-square-foot industrial warehouse (“Vista Commerce”) located in Vista, California to KKR.

Westcore sold an approximately 185,000-square-foot industrial warehouse in Vista, California to KKR. (Photo credit: CBRE)

Vista Commerce is located on an all-concrete site and features 14 dock-high doors, six grade-level doors, 27-foot clear height and ample power. The property is 100% leased to a publicly listed healthcare diagnostic testing company.

“We are pleased grow our industrial real estate footprint in Southern California with the purchase of this well-located and fully leased industrial distribution property,” said Ben Brudney, a Director in the real estate group at KKR who oversees the firm’s industrial investments in the United States.

“The interior upgrades to the office area and warehouse space we made provided a highly functional space that attracted a leading healthcare company,” said Westcore Managing Director Hack Adams. “With a high-quality tenant in place and a strategic location in close proximity to high-demand life sciences submarkets, KKR has acquired a valuable asset.”

CBRE represented Westcore in the sale. Westcore acquired Vista Commerce in early 2020 with assistance from CBRE, who also helped secure the lease to the current tenant.

KKR acquired Vista Commerce through its KKR Real Estate Partners Americas III fund.

About Westcore

Westcore is a fully integrated commercial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding in 2000, Westcore and its affiliates have acquired and managed more than $6 billion in industrial and office assets, comprised of more than 1200 buildings and totaling over 50 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles; Oakland; and Sacramento, as well as satellite offices in London, England; Berlin, Germany; and Vienna, Austria.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211130005990/en/

Media:

For Westcore

Jennifer Whitelaw

TW2 Marketing

jwhitelaw@tw2marketing.com, 619-733-5944

For KKR

Miles Radcliffe-Trenner

212-750-8300

media@kkr.com

Source: KKR

FAQ

What is the purpose of KKR's acquisition of Vista Commerce?

KKR's acquisition of Vista Commerce aims to expand its industrial real estate portfolio in Southern California, enhancing its asset base.

When did KKR acquire the Vista Commerce property?

KKR acquired the Vista Commerce property recently, as announced in the press release.

What are the key features of the Vista Commerce warehouse?

Vista Commerce features 14 dock-high doors, six grade-level doors, a 27-foot clear height, and is 100% leased to a healthcare diagnostic testing company.

Who represented Westcore in the sale of Vista Commerce?

CBRE represented Westcore in the sale of Vista Commerce to KKR.

How large is the Vista Commerce industrial warehouse?

Vista Commerce is approximately 197,000 square feet in size.