JUNE 19, 2019

ASB Acquires Tampa Industrial Complex for $26.3 Million

TAMPA, FL — ASB Real Estate Investments (ASB) announced today the acquisition of a 368,664-square-foot warehouse property in the East Side submarket for $26.3 million. Located at 8800 East Adamo Drive directly off highly-trafficked Route 60, the industrial facility is fully leased to five tenants, including Amazon, HWC Wire, and Gopher Resource. ASB made the acquisition on behalf of its Allegiance Fund, a $7.5 billion core vehicle. The Seller was TriGate Capital.

Situated on 20 acres, the property features distribution and office space with 22-foot clear heights, 34 dock high doors, nine drive-ins, 312-foot building depth, rear-load capabilities, a wet-pipe sprinkler system, 125- to 140-foot truck courts, and 420 parking spaces. The in-fill Route 60 location provides east-west access directly into downtown Tampa and surrounding upscale neighborhoods.

ASB Senior Vice President Nicolas Franzetti, who heads the company’s Mid-Atlantic and South Region, said: “This acquisition fits ASB’s strategy to solidify our industrial portfolio with well-leased cash-flowing assets in dynamic, growing industrial submarkets across the U.S. The East Side is experiencing strong tenant demand from last mile logistics companies, driving down vacancy and increasing rents while at the same time drawing a high level of institutional investment interest. We like the growth prospects of this rapidly expanding metropolitan area.”

Since the beginning of 2018, ASB has acquired approximately 3.5 million square feet of industrial space in leading industrial markets, including Northern New Jersey, Miami, 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.