JANUARY 27, 2022
ASB Registers Record Year in 2021, Transacting $1.6 Billion in Acquisitions and Sales
Washington, D.C. — ASB Real Estate Investments (ASB) completed a record year for transactions in 2021, acquiring more than $1 billion dollars of industrial, multifamily and self-storage assets and selling more than $600 million of other holdings, mostly office buildings.
Robert Bellinger, ASB’s President and CEO, said: “We made considerable progress positioning investment portfolios for future performance success, anticipating tenant demand given significant ongoing changes in how and where people live, work, and shop, driven in part by the ongoing pandemic. Given the ramp up in e-commerce and escalating demand for workforce housing, we have significantly augmented our industrial and apartment portfolios, while reducing exposure to office and retail. We also have made major investments recently in self-storage facilities, which benefit from ongoing shifts in residential and work choices in what is a very dynamic environment.”
During 2021, ASB acquired $495 million of industrial and logistics facilities in six separate transactions with locations in important regional distribution hubs—Northern New Jersey, Fort Worth, Savannah, Raleigh, and Harrisburg/Philadelphia. These investments continue a three-year initiative to build out a national industrial portfolio which today includes 66 buildings totaling 12.1 million square feet in 15 markets with an aggregate value of over $2.1 billion.
Three multifamily acquisitions totaled $350 million, including the company’s largest purchase of the year, the $227 million acquisition of the Solamonte Apartments, a 521-unit workforce housing complex in California’s Inland Empire. ASB also acquired major apartment properties in Austin and Raleigh, expanding population centers with significant employment growth.
In addition, the company grew the value of its nationwide self-storage portfolio, acquiring the $180 million Arcland portfolio with eight facilities located in and around the Baltimore-Washington DC area. Following the acquisition, ASB’s self-storage holdings total 26,600 units and 2.3 million square feet in leading metropolitan areas, also including New York, Miami, Portland, Los Angeles, Seattle, San Diego, Phoenix, and Denver.
In 2021, ASB completed six major dispositions including four office buildings for nearly $500 million and a $20 million Los Angeles retail asset. The largest sales involved Two Financial Center in Boston for $210 million and 64 New York Avenue in Washington DC for $201 million. Two Denver office buildings sold for $85.5 million, and a Brooklyn flex office-industrial asset garnered $85 million in proceeds.
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 $8.9 billion (as of 12/31/2021) 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 December 31, 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.