SEPTEMBER 1, 2021
ASB and Endurance Sell Industrial Asset for $41.975 Million, Executing Successful Value Creation Strategy
Bensalem, PA – September 1, 2021 – ASB Real Estate Investments (ASB) and Endurance Real Estate Group, LLC today announced the sale of a 430,373-square-foot, multi-tenant industrial building for $41,975,000 to EQT Exeter, a global real estate operator. ASB and joint venture partner Endurance Real Estate Group bought the property located at 450 Winks Lane in Bucks County just off the Street Road exit of Interstate 95 (I-95) in December 2018. ASB’s sale was made on behalf of its Meridian Real Estate Fund II.
Originally built in 1973 and located within the Expressway 95 Business Park, 450 Winks Lane is strategically situated immediately north of Philadelphia. The property offers superior access to many major arteries including US Routes 1, 13, 130, exit 351 of the PA Turnpike and the New Jersey Turnpike.
Brodie Ruland, ASB Managing Director and Co-Head of Acquisitions, said: “The sale represents an excellent execution of our value creation strategy and benefits from the current high demand from institutional investors for industrial properties, driving down cap rates, increasing valuations, and escalating sale prices.”
Albert J. Corr, Senior Vice President of Endurance stated: “Demand of infill industrial assets continues to be a strong market driver in the surrounding counties of suburban Philly. Our diverse tenant roster made this a very desirable industrial opportunity, which was highly competitive and sought after by many buyers.”
The CBRE National Partners team of Brad Ruppel, Mike Hines, Brian Fiumara and Lauren Dawicki represented the seller and procured the buyer.
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 (as of 6/30/2021) 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. For more information about the company, visit www.asbrealestate.com.
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 in any fund or investment strategy.