JANUARY 5, 2022

ASB Joint Venture Sells Brooklyn Warehouse for $85 Million

Brooklyn, NY — ASB Real Estate Investments (ASB) announced today the $85 million sale of a 209,000-square-foot, Sunset Park warehouse complex. ASB and joint venture partner 60 Guilders bought the asset for $47 million in 2017. ASB made the sale on behalf of its Allegiance Real Estate Fund, a $7.9 billion core vehicle. Cushman and Wakefield, led by Adam Spies and Josh King, represented the partnership.

Located at 5112 2nd Avenue, the warehouse complex includes a three-story main building, a single-story annex, and 21,000 square feet of surface parking. The property is 100% leased to the New York City Board of Elections, is within blocks of R-line subway stations, and provides access to I-278, which connects into all the city’s boroughs.

Brodie Ruland, ASB Managing Director and Co-Head of Acquisitions, said: “The sale takes advantage of the opportunity to register a success on our investment and redeploy proceeds into higher-income producing assets available in the current market.”

Bastien Broda, Managing Partner at 60 Guilders, said “We are thrilled to realize such a great outcome for our partnership. This successful transaction is the result of the ever-improving investment sales activity in the industrial market, Sunset Park’s continued growth and the resilient interest in properties leased to the City of New York.”

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 $8.5 billion 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 September 30, 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. ASB Allegiance Real Estate Fund is a registered mark in the U.S. Patent and Trademark Office.