ASB Real Estate Investments has bought a distribution centre in the US state of New Jersey for $83m (€72.5m) in partnership with Cohen Asset Management.
ASB said it bought the 570,100sqft, the Middlesex Logistics Center in Edison, New Jersey on behalf of its Allegiance Real Estate Fund, a $7.3bn core vehicle. The acquisition of the property will be Cohen’s seventeenth industrial acquisition in the Northern New Jersey industrial market.
The four-year-old cross-docked industrial facility is fully leased.
Brodie Ruland, ASB senior vice president and northeast region head, said: “This prime asset is located at the heart of one of Northern New Jersey’s most desirable industrial submarkets, with easy access to one of the nation’s most heavily trafficked highways.”
Ruland said the asset’s location puts it closer to the majority of the New York metro’s population as well as to the Ports of Elizabeth and Newark.
“This dynamic should position the asset well for strong performance over the long-term, as tenants seek to be as close as possible to population centres.”