ASB Real Estate Investments has acquired a newly constructed, one-million-square-foot, class A industrial distribution facility in the Inland Empire, east of Los Angeles.
ASB made the $123.75 million purchase of the Columbia Business Park project located at 490 Columbia Avenue in Riverside, Calif., on behalf of its $7.6 billion Allegiance Real Estate Fund, a core investment vehicle. The seller was a client of Washington Capital Management.
The property features ultra-high 37-foot clear ceilings, cross docking with 143 dock-high doors and 195 trailer stalls. And it is 100 percent leased on a long-term basis.
Aaron Duncan, ASB senior vice president and western region head, said, “ASB has acquired a state-of-the-art facility in one of the most dynamic industrial markets in the country with superior access to transportation networks and the Ports of Los Angeles and Long Beach. The purchase furthers ASB’s strategic direction to expand our industrial portfolio while pursuing strong income-oriented returns for our clients.”
The project was developed by Trammell Crow. JF Shea was the general contractor and Oltmans Construction was the prime subcontractor.
Since mid-2018, ASB has acquired more than 4.5 million square feet of industrial space in major U.S. distribution markets, including Northern Jersey, San Francisco, Miami, Houston and Philadelphia. The purchases total more than $494 million.