ASB core real estate fund buys Florida warehouse for $38.2m
A core real estate fund managed by US investor ASB Real Estate Investments has acquired a 221,542sqft warehouse from Bridge Development Partners from for $38.2m (€33.9m).
The $7.5bn ASB Allegiance Real Estate Fund has bought the new warehouse-distribution facility on 12 acres immediately off I-95 in the Southeast Broward industrial submarket.
ASB senior vice president Nicolas Franzetti said: “This state-of-the-art distribution building, less than two miles from downtown Fort Lauderdale, has exceptional access to South Florida commercial and residential districts, the airport and Port Everglades.”
Franzetti said Southeast Broward ranks as one of the country’s most dynamic industrial submarkets, with annual rent growth of over 7% and a vacancy rate of less than 3%.
“At ASB, we continue to expand our holdings of prime industrial assets, tapping into increasing tenant demand related to e-commerce logistics and ongoing economic growth across the US.”
Since the beginning of 2018, ASB has acquired 3.1m sqft of industrial space in leading industrial markets, including Northern New Jersey, San Francisco, Houston, and Philadelphia.