Investment giant KKR recently acquired three Philadelphia-area warehouses as part of a larger $377 million acquisition, including the Penn Jersey Packaging warehouse in Northeast Philadelphia, writes Paul Schwedelson for the Philadelphia Business Journal.

The Philadelphia-region properties sold for $198 million total, according to data from real estate research firm CoStar Group. It’s part of a larger $377 million, six-property acquisition across the U.S.

Penn Jersey Packaging’s 255,336-square-foot warehouse sold for $46.2 million. Amazon’s 650,000-square-foot warehouse in West Deptford, New Jersey, sold for $90.8 million, while KKR paid $61 million for Dunkin’s 301,872 square-foot distribution center in Westampton, New Jersey.

The seller was New York-based Link Logistics, the industrial real estate arm of Blackstone Group.

Penn Jersey Packaging’s warehouse, located near Northeast Philadelphia Airport, last traded for $26.1 million in 2015. It was constructed in 2011 and it has a 32-foot clear height and 40 dock doors.

The Amazon fulfillment center last traded for $78 million in 2019. It was built in 2018 and has a 41-foot clearing height and 57 dock doors.

The acquisition follows a shift in the Philadelphia region’s industrial market away from large-scale buildings of over 500,000 square feet and toward smaller properties that are between 200,000 and 300,000 square feet.

Read more about the Philadelphia-area property acquisitions in the Philadelphia Business Journal.

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