ASB Real Estate Investments’ core US property fund has acquired a $72m (€65m) industrial portfolio in Denver’s Airport submarket.
The manager said the $7.5bn Allegiance Real Estate Fund has bought the three-building warehouse portfolio from Link Industrial Properties, Blackstone’s US industrial real estate operating platform.
The three buildings include the 406,959sqft 22100 E 26th Ave asset and the 85,604sqft 18300 E 28th Ave building in Aurora, and the 140,630sqft 9410 Heinz Way building in Commerce City.
Aaron Duncan, ASB senior vice president and western region head, said: “This extremely attractive, cash-flowing investment further expands ASB’s Class A industrial portfolio and should help further buttress our income-oriented returns over the long term.”
Duncan said the surrounding market benefits from dramatic and dynamic residential development as well as from significant infrastructure investment in airport expansion and construction of new interstate express lanes.
“The prime, last-mile locations will be increasingly attractive to our high-credit tenants and other logistics users as the Denver area continues to grow.”