DECEMBER 6, 2018
ASB Completes $268 Million in Recent Industrial Investments, Focusing on Income Growth
Washington, DC — With its recent investment in a 475,910-square-foot industrial complex northeast of Philadelphia, ASB Real Estate Investments (ASB) has completed nearly $268 million of industrial acquisitions during the past six months on behalf of its Allegiance Fund. The company’s five investments have added approximately 2.5 million square feet of industrial space to the fund, ASB’s $7.3 billion core investment vehicle.
ASB’s industrial investment acquisitions since late June include:
- A 570,100-square-foot, Class-A bulk warehouse-distribution facility in a strategic northern New Jersey submarket serving New York City for $83 million,
- A 1.0 million-square-foot, four-building warehouse complex in Houston for $99.9 million,
- A 94,000-square-foot warehouse on five acres located in the Santa Rosa industrial submarket outside San Francisco for $18.9 million,
- A 302,000-square-foot industrial property on 10.5 acres in the prime Hialeah submarket of Miami for $24.3 million, and
- The most recent $42.0 million investment in a 475,910-square-foot, eight-building industrial complex in Bristol, PA, along the Pennsylvania Turnpike/I-95 connector.
David Quigley, ASB’s Chief Investment Officer, said: “These acquisitions are important components of our firmwide strategy to focus on income growth which we believe will drive accretive performance at this stage in the real estate cycle. These properties are strategically located in the nation’s leading industrial markets and are positioned to secure increased rents from leading tenants as distribution logistics and supply chain management become increasingly more important in quickly moving goods to end users and customers. We intend to continue to seek prime industrial properties in 2019.”
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.
*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.