NOVEMBER 20, 2018
ASB Acquires 476,000-Square-Foot Industrial Portfolio at New I-95/Pennsylvania Turnpike Interchange for $42.0 Million
PHILADELPHIA, PA — ASB Real Estate Investments (ASB) announced today the acquisition of a 475,910-square-foot industrial portfolio in Bristol, PA for $42.0 million. Comprised of eight warehouse buildings, the portfolio is 95% leased to 14 tenants, including international distributors and local service providers serving the Philadelphia metropolitan area and New Jersey. The properties are located within the Keystone Industrial Park. ASB acquired the assets on behalf of its Allegiance Real Estate Fund, a $7.3 billion core investment vehicle.
Brodie Ruland, ASB Senior Vice President and Northeast Region Head, said: “The portfolio is strategically situated adjacent to one of the region’s most important interstate arteries, with direct access to both Philadelphia and New York City, as well as points west. This acquisition continues the expansion of our nationwide industrial portfolio, which seeks to secure strong, income-oriented returns at this mature stage of the current real estate cycle.”
Located in the southeast corner of Lower Bucks County, the complex is approximately 20 miles northeast of Center City Philadelphia and 70 miles south of New York City, and is within a mile of the new the Pennsylvania Turnpike/I-95 Interchange. The interchange provides immediate connections to the primary north-south and east-west interstate corridors in the region, including the heavily trafficked New Jersey Turnpike. Few development sites exist in the submarket providing for high barriers to entry and minimizing new supply.
The portfolio consists of two buildings, which are each 110,000 square feet, and six other buildings varying in sizes from 30,000 to 60,000 square feet . Combined, they offer an array of functional spaces with clear ceiling heights up to 26 feet and truck court depths typically 95 to 100 feet.
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.