A core US property fund managed by ASB Real Estate Investments has teamed up with Endurance Real Estate to buy a $91m (€78.6m) industrial asset.
The $7.4bn Allegiance Real Estate Fund and Endurance have bought the 1.52m sqft York Business Center in Central Pennsylvania from Equity Industrial Partners.
The three-building warehouse facility is situated on 119 acres near the intersection of I-83 and Route 30 and the property is 94.2% leased, ASB said.
The latest investment is ASB’s fourth with Endurance.
Brodie Ruland, ASB managing director and co-head of acquisitions, said: “The York Business Center investment expands ASB’s industrial portfolio into a strategically important regional distribution and manufacturing corridor.
“We are continuing to grow and diversify our industrial portfolio across the country meeting the significantly increasing tenant demand for well-located assets that facilitate rapid delivery of parts, products, and consumer goods in and around the nation’s major population centres.”
Benjamin Cohen, president of Endurance, said: “The acquisition of York Business Center represents the single largest acquisition in Endurance’s 20-year history.
“In-fill, efficient older assets like this property that provide the functionality of a Class A facility in the way of power, abundant car and trailer parking are very hard to come by.”
To read the digital edition of the latest IPE Real Assets magazine click here.
