Industrial-focused private equity real estate investment firm KTR Capital has closed its second fund, KTR Industrial Fund II, on $700 million.
The fund is the successor to the Keystone Industrial Fund which closed on $505 million in 2005. The Keystone fund’s portfolio includes roughly 20 million feet of in-service properties, under development properties and land holdings.
Both funds have a value-added strategy and seek to acquire, develop and operate industrial assets in North America. Fund I invested in US states including Arizona, Florida, Illinois, Texas and New Jersey.
In 2008, KTR opened offices in Chicago and Newport Beach, California to pursue opportunities in the states’ large distribution markets. The New York-based firm has a fourth office in suburban Philadelphia.
KTR was established in November 2004 to continue the investment activities of Keystone Property Trust after the real estate investment trust was sold to ProLogis and its joint venture partner Eaton Vance for $1.6 billion.