NOVEMBER 19, 2018

ASB Acquires Class-A Distribution Center in Northern New Jersey for $83 Million in JV with Cohen Asset Management

NEW YORK, NY — ASB Real Estate Investments (ASB) announced today the $83 million acquisition of a 570,100-square-foot, Class-A bulk warehouse-distribution facility located in Edison, New Jersey, within the Exit 10/I-287 industrial submarket of northern New Jersey, in a joint venture with Cohen Asset Management. ASB made the investment on behalf of its Allegiance Real Estate Fund, a $7.3 billion core vehicle.

Known as the Middlesex Logistics Center, the four-year-old cross-docked industrial facility is 100% leased to List Logistics, a national third-party logistics and distribution company. The building features the full range of physical characteristics tenants seek in modern distribution buildings: 36-foot clear heights, 50- by 48-foot column spacing with 60-foot speed bays, 101 loading docks with four drive-in doors, ESFR sprinklers, and parking for 190 cars and 135 trailers.

Brodie Ruland, ASB Senior Vice President and Northeast Region Head, said: “This prime asset is located at the heart of one of Northern New Jersey’s most desirable industrial submarkets, with easy access to one of the nation’s most heavily trafficked highways. Only about 19% of Northern New Jersey product is considered modern inventory, and Exit 10 / Route 287 is one of the largest submarkets with newer product, second only to Exit 8A, 15 miles to the south. Its more northern location puts Middlesex closer to the majority of the New York metro’s population as well as to the Ports of Elizabeth and Newark. This dynamic should position the asset well for strong performance over the long-term, as tenants seek to be as close as possible to population centers.”

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 $7.8 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.

About Cohen Asset Management
Cohen Asset Management is a private real estate investment firm headquartered in Southern California and with a regional office in Northern New Jersey. The acquisition of the Property will be Cohen’s seventeenth industrial acquisition in the Northern New Jersey industrial market, with previous transactions totaling over 3.6M SF.

*as of September 30, 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.