JUNE 4, 2019

ASB Acquires New Broward Distribution Facility off I-95 for $38.2 Million

FORT LAUDERDALE, FL — ASB Real Estate Investments (ASB) announced today the acquisition of a new 221,542-square-foot warehouse-distribution facility on 12 acres immediately off I-95 in the Southeast Broward industrial submarket. The $38.2 million purchase was made on behalf of the ASB Allegiance Real Estate Fund, a $7.5 billion core vehicle, from Bridge Development Partners, which completed the project in summer 2018.

Located at 201 NW 22nd Avenue with direct access and visibility off heavily trafficked Broward Boulevard, the property is within a quarter mile of interstate exits and is 77% leased to Shipmonk, an e-commerce fulfillment management company. The best-in-class facility features 32-foot clear ceiling heights, 286 parking spaces, 44 dock doors, and an ESFR sprinkler system.

ASB Senior Vice President Nicolas Franzetti said: “This state-of-the-art distribution building, less than two miles from downtown Fort Lauderdale, has exceptional access to South Florida commercial and residential districts, the airport and Port Everglades. Southeast Broward ranks as one of the country’s most dynamic industrial submarkets, with annual rent growth of over 7% and a vacancy rate of less than 3%. At ASB, we continue to expand our holdings of prime industrial assets, tapping into increasing tenant demand related to e-commerce logistics and ongoing economic growth across the U.S.”

Since the beginning of 2018, ASB has acquired 3.1 million square feet of industrial space in leading industrial markets, including Northern New Jersey, San Francisco, Houston, and Philadelphia.

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 $8.0 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 and the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account.

*as of March 31, 2019
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.