ASB Real Estate Acquires Fully-Leased Warehouse in Hialeah
San-Francisco-based Terreno Realty acquired the property in December 2010 for approximately $9 million.
HIALEAH, FL—ASB Real Estate Investments of Bethesda, MD has purchased the fully leased warehouse at 215 SE 10th St. in Hialeah, FL for $24.3 million.
The 302,000-square-foot warehouse is fully leased on a long-term basis to Synergy Custom Fixtures, a custom counters and fixtures manufacturing firm. ASB acquired the industrial property from Terreno Realty Corp. The building includes approximately 23,000 square feet of office space.
San-Francisco-based Terreno Realty acquired the property in December 2010 for approximately $9 million. Terreno Realty, which acquires, owns and operates industrial real estate in Los Angeles, Northern New Jersey/New York City, the San Francisco Bay area, Seattle, Miami and Washington, D.C., estimates the unleveraged internal rate of return generated by the investment and sale of the property at approximately 11.5%.
ASB Real Estate SVP Nicolas Franzetti, who led the acquisition team, says of the deal, “Hialeah is one of the most dynamic in-fill industrial submarkets in the country in terms of rent growth and absorption with a vacancy rate of only 3.2%. The investment benefits from terrific proximity to Downtown Miami, the airport, Port of Miami and major highways.”
The property features 200 secured parking spaces, 22 dock doors and 6,000 amps of power. Lincoln Property Company’s South Florida division advised ASB on the acquisition and will be providing property management services at the building.
Lincoln’s SVP and market leader, Chris Suarez says, “The property was an excellent opportunity for ASB to make a long-term investment in one of the strongest performing industrial markets in the country. We have a positive outlook for this industrial corridor located within East Hialeah, given its infill location and connectivity to several major population centers in South Florida.”
ASB Real Estate Investments is a division of ASB Capital Management, LLC, a US real estate investment management firm with $7.2 billion in gross assets under management for more than 340 institutional clients.
The company made headlines in April on a number of asset fronts. For example, ASB and and Lincoln Property Co. announced on April 19 that Cigna had signed a 135,800-square-foot lease for its regional headquarters in the recently completed Tower 3 at Colorado Center in Denver. In early April, ASB reported the completion of the previously-announced sale of Infomart Dallas, the iconic 1.6 million-square-foot data center and office complex, to Equinix Inc. for $800 million.