OCTOBER 6, 2021

ASB-Lincoln Joint Venture Sells Chula Vista Industrial for $29.75 Million After Successful Value-Add Strategy and Major Lease

San Diego, CA —ASB Real Estate Investments (ASB) today announced the sale of 860 Harold Place, an 83,490-square-foot industrial property, for $29.75 million. ASB made the sale on behalf of its Meridian Real Estate Fund II, a $175 million value creation vehicle, which owned the property in a joint venture with Lincoln Property Company. The buyer was Exan Capital, an advisor to high-net-worth investors from Spain. The ASB-Lincoln joint venture bought 860 Harold in 2018 for $11.1 million and earlier this year leased the entire building to a leading logistics company.

Brodie Ruland, ASB Managing Director and Co-Head of Acquisitions, said: “The full-building lease signing and subsequent upgrades to the property added significant value to the asset and created an excellent opportunity to pursue an attractive sale outcome.”.

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 $7.9 billion* in gross assets under management for over 325 institutional clients. With offices in Bethesda, MD and Palo Alto, CA, 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 June 30, 2021
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.

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