FEBRUARY 13, 2020
ASB Sells Suburban DC Shopping Center
Washington, DC — ASB Real Estate Investments (ASB) announced today the $37.6 million sale of Prince William Square, a 232,957-square-foot shopping center in Woodbridge, Virginia to ALTO Real Estate Funds. The disposition was made on behalf of ASB’s Allegiance Real Estate Fund, a $7.4 billion core investment vehicle.
The Prince William transaction is part of ASB’s portfolio strategy to decrease retail exposure and focus retail investments only on prime urban submarket locations, while redeploying capital into industrial and workforce housing investments. Since the first quarter of 2018, ASB has substantially reduced its retail investment exposure primarily through $356 million in retail asset dispositions. In fourth quarter 2019, ASB sold its 60,780-square-foot Williamsburg portfolio of retail properties located in Brooklyn for $148 million. In fourth quarter 2019, the Fund sold its 60,780-square-foot Williamsburg portfolio of retail properties located in Brooklyn for $148 million. ASB, meanwhile, has invested $665 million in industrial assets since mid-year 2018.
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 $7.8 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major U.S. urban markets, concentrating in office, multifamily, retail and industrial properties and employs core, value add and development strategies for its clients.
*as of December 31, 2019
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.