DECEMBER 22, 2020

ASB Industrial Portfolio Reaches 99% Occupancy

Washington, DC — Third quarter leasing activity increased occupancy to 99% in the industrial portfolio managed by ASB Real Estate Investments. The 6.6 million-square-foot portfolio holds 17 assets in major distribution markets across the U.S., including in San Francisco, Northern New Jersey, the Inland Empire, Denver, South Florida, Boston, Philadelphia, Pittsburgh, Tampa and Houston.

During the third quarter, investments in Pittsburgh, Fort Lauderdale, and Houston signed and/or renewed significant new leases with additional positive leasing activity continuing into the fourth quarter in Philadelphia. Year-to-date industrial investments have experienced over 400,000 square feet of net absorption.

ASB Real Estate Investments President and CEO Robert Bellinger said: “The COVID-19 pandemic’s acceleration of e-commerce distribution continues to push tenant demand for well-located logistics facilities both in hub and last mile locations. We expect this trend to continue post pandemic as more consumers have realized the convenience of internet shopping alternatives.”

In the 2018-2019 period, ASB purchased 5.8 million square feet of industrial warehouses and distribution facilities, recapitalizing proceeds from sales of office and retail investments at a mature point in the real estate cycle and before the current pandemic induced downturn.

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 $7.7 billion* in gross assets under management for over 330 institutional clients. Headquartered in Washington DC, ASB invests in major U.S. urban markets, concentrating in office, multifamily, retail and industrial properties and employs core, value add and development strategies for its clients.

*as of September 30, 2020
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.