Global asset management giant KKR has sold more than 50 industrial properties across the Atlanta, Dallas-Fort Worth, Chicago, Lehigh Valley and Central Pennsylvania regions.

KKR sold the properties, totaling more than 5M SF, in five separate transactions to unnamed buyers for a combined $560M, it announced Monday. The last disposition closed on Friday.

“Our strong focus on asset quality and market selection gives us flexibility to deliver results for our investors in different market conditions, whether through the sales of large portfolios or individual dispositions of well-bought properties,” KKR Director Ben Brudney, who oversees the firm's U.S. industrial real estate investments, said in a release.

The properties in “high-growth, infill markets” were sold primarily out of KKR’s Real Estate Partners Americas II fund, which launched in May 2017 and closed in December 2020 with $1.9B in commitments.

Industrial real estate represents KKR’s largest exposure across its U.S. opportunistic and core-plus real estate strategies, according to the release.

“We have built a dedicated investment and operating platform focused on this sector that enables us to own great properties at scale,” KKR Head of Real Estate Acquisitions in the Americas Roger Morales said in the release. “These sales demonstrate the attractive bid that exists for quality assets in supply-constrained locations.”

The company has been active in acquisitions and sales of industrial assets over the last few years. In May, KKR acquired 2M SF of industrial properties, purchasing an industrial park in Phoenix and a warehouse in Atlanta for a combined $250M. In December 2020, it added 9.7M SF to its industrial portfolio, purchasing assets across seven markets from High Street Logistics Properties for $835M.

Two years ago, KKR sold an industrial portfolio consisting of 149 properties totaling 14.5M SF to Oxford Properties for $2.2B.

Although KKR has been an owner of industrial real estate, last year it waded into ground-up development in the sector with its announcement of eight projects totaling 1.8M SF in Atlanta, Dallas, Denver and Orlando, Florida.

KKR reported a net income of $1.13B during the second quarter and counted $64B in assets under management as of the end of July.