BETHESDA, MD—Locally-based ASB Real Estate Investments, a company with select group of holdings in the area, has sold off four major properties around the nation for an aggregate $195 million. The sales, which were made on behalf of the ASB Allegiance Real Estate Fund, ASB’s $3.4 billion open-end core real estate investment vehicle for institutional investors, are part of its plan to trim non-core assets from its portfolio in the wake of last year’s $1 billion acquisition spree.
The transactions include:
· A 356,000-square-foot-complex of industrial properties, located outside Minneapolis,
· A 161,000-square-foot office building in Medford, MA,
· A portfolio of three student housing facilities, comprising a total of 516-apartment units. Two properties are located in Tampa near the University of South Florida, while the third property is adjacent to the Marquette University campus in Milwaukee, WI, and
· Two non-contiguous tracts of land in San Francisco’s Financial District.
Last year ASB made more than $1 billion in acquisitions, Robert Bellinger, president and CEO of ASB Real Estate, noted in a prepared statement. Thus the company is selling “select properties which no longer fit our strategy,” he says.
In the DC area, ASB acquired the Sedona | Slate in Rosslyn for $222 million last year, a two-tower complex with the distinction of being Arlington County’s first LEED Gold apartment project.
Also last year ASB snapped up a Capitol Hill building for $53.5 million.
At the start of the year the company acquired four buildings for $91.2 million in cash. They were located largely in Boston’s exclusive Back Bay shopping district.