SEPTEMBER 30, 2021
ASB-Cohen Asset Management Joint Venture Acquires Jersey City Warehouse for $21.7 Million
Jersey City, NJ – ASB Real Estate Investments (ASB) today announced a joint venture to acquire a 65,715-square-foot warehouse in the Hudson Waterfront industrial submarket, blocks from the New Jersey Turnpike and close to the Holland Tunnel with direct access into Manhattan. ASB made the $21.7 million investment in a joint venture with Cohen Asset Management on behalf of its ASB Allegiance Real Estate Fund, a $7.4 billion core investment vehicle.
The warehouse sits on a 3.4-acre site at 111 Thomas McGovern Drive and is 100% leased to Nestle Waters, one of the nation’s largest consumer bottled water companies, which distributes the Poland Spring, Deer Park, and Arrowhead brands among others. The property accommodates ample parking for up to 50 box trucks and sprinter vans and features 21-foot clear heights, 11 dock doors, and four drive-in doors.
ASB Managing Director Brodie Ruland said: “This acquisition adds to ASB’s last mile industrial portfolio in Northern New Jersey, one of the most important industrial markets in the country. Current market vacancy is only 2%, helping drive strong rent growth, and Nestle Waters is a strong, credit tenant. At ASB, we continue to expand Allegiance Fund’s national industrial portfolio as one of our primary strategic initiatives. Since 2018, we have made 15 investments totaling more than $1 billion in 8.5 million square feet of warehouse and logistics space in leading markets across the country.”
The investment is ASB’s fifth acquisition totaling 25 industrial buildings in partnership with Cohen Asset Management, a premier private real estate investment firm headquartered in Southern California with regional offices in Phoenix, Dallas, and Northern New Jersey.
The CBRE team of Brian Fiumara, Tom Monahan and Larry Schiffenhaus represented buyer and seller in this off-market transaction.
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. Headquartered in Washington DC, 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.