OCTOBER 11, 2021
ASB Acquires 166,400-Square-Foot Industrial Building in Port of Savannah in $19 Million Joint Venture
Savannah, GA —ASB Real Estate Investments (ASB) today announced the $19 million acquisition of a 166,400-square-foot Class A industrial building in a joint venture with Newland Capital Group. The property is 100% leased to SLM Warehousing, a fast-growing, third-party logistics and fulfillment company, specializing in the distribution of consumer goods from Asia. ASB made the investment on behalf of its Allegiance Real Estate Fund, a $7.4 billion core vehicle.
Constructed in 2020 within the Sonny Perdue Logistics Center in Garden City, 8 Sonny Perdue has direct access to a major terminal complex in the Port of Savannah, the nation’s fastest growing container shipping destination, as well as four nearby interstates — I-16, I-95, I-75 and I-20. The property features a 32-foot clear height, 30 dock-high doors, and 185-foot truck courts as well as an ESFR sprinkler system.
ASB Managing Director Nicolas Franzetti said: “The location provides excellent accessibility for logistics users within the heart of the Savannah’s port submarket, which has benefited from exceptionally strong absorption and low vacancy, currently well under 4%. This investment was made as part of our ongoing strategy to expand our nationwide industrial portfolio to take advantage of the explosive growth in warehouse demand to serve e-commerce distribution.”
ASB has made 17 investments totaling more than $1 billion in 8.5 million square feet of warehouse and logistics space in leading markets across the country since 2018. The properties are located in major markets across the country including the Inland Empire, Northern New Jersey, San Francisco, Brooklyn, Houston, Fort Lauderdale, Tampa, Fort Worth, Philadelphia and Pittsburgh.
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 more than $7.9 billion* in gross assets under management for over 325 institutional clients. With offices in Bethesda, MD and Palo Alto, CA, ASB invests in major U.S. markets, concentrating in office, multifamily, retail, industrial and self-storage properties and employs core, value add and development strategies for its clients
*as of June 30, 2021
The portfolio investments described herein are not representative of all ASB portfolio investments. It should not be assumed that other portfolio investments will have the same or similar characteristics. There can be no assurance that any such trends will continue. 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. ASB Allegiance Real Estate Fund is a registered mark in the U.S. Patent and Trademark Office.