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press release

June 26, 2018

ASB Acquires 302,000-Square-Foot Hialeah Industrial Complex for $24.3 Million

WASHINGTON, DC - ASB Real Estate Investments announced today the acquisition of a 302,000-square-foot industrial property on 10.5 acres in the Hialeah submarket of Miami for $24.3 million. Located at 215 Southeast 10th Avenue, the warehouse facility, which includes approximately 23,000 square feet of office space, is 100% leased on a long-term basis to Synergy Custom Fixtures, a custom counters and fixtures manufacturer with national and international retailer clients. ASB made the acquisition from Terreno Realty Corporation (NYSE: TRNO) on behalf of the Allegiance Real Estate Fund, its $6.9 billion core vehicle. 

ASB Senior Vice President Nicolas Franzetti, who led the acquisition team, said: “Hialeah is one of the most dynamic in-fill industrial submarkets in the country in terms of rent growth and absorption with a vacancy rate of only 3.2 percent. The investment benefits from terrific proximity to downtown Miami, the airport, Port of Miami, and major highways.” 

The property also features 200 secured parking spaces, 22 dock doors, and 6,000 amps of power and offers immediate access to nearby residential neighborhoods and the local labor force, a key appeal to many industrial tenants.

Lincoln Property Company’s South Florida division advised ASB on the acquisition and will be providing property management services. 

Lincoln’s Senior Vice President and Market Leader, Chris Suarez, stated: “The property was an excellent opportunity for ASB to make a long-term investment in one of the strongest performing industrial markets in the country. We have a positive outlook for this industrial corridor located within East Hialeah, given its infill location and connectivity to several major population centers in South Florida.”

About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7.2 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account. For more information about the company, visit www.asbrealestate.com.

About Lincoln Property Company
Lincoln Property Company is a national real estate firm offering a comprehensive suite of value-added services for its clientele: tenants, investors, lenders and owners of commercial real estate. With a substantial South Florida local presence that includes ownership/management of 3.4 million* square feet of commercial space, of which 1.9 million* square feet is industrial, Lincoln South Florida is ideally situated to provide superior service backed by a solid track record of success. Visit www.lpcsoutheast.com.

*as of March 31, 2018

The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.