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ASB Acquires Industrial Facility in Riverside for $124M
ASB Real Estate Investments (ASB) acquired a newly-constructed, one-million-square-foot, Class A industrial distribution facility in Riverside, CA from a client of Washington Capital Management, Inc. for $123.75 million.
The Columbia Business Park project is located at 490 Columbia Ave. and was developed by Trammell Crow Company. The purchase was made on behalf of ASB’s $7.6-billion Allegiance Real Estate Fund, a core investment vehicle. The property, which features ultra-high 37-foot clear ceilings, cross docking with 143 dock-high doors and 195 trailer stalls, is 100% leased on a long-term basis.
ASB’s Aaron Duncan says, “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.”
CBRE’s Institutional Properties group, led by Darla Longo and Barbara Perrier, handled the deal.
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- ◦Sale/Acquisition
