BRISTOL, PA—ASB Real Estate Investments has acquired a 475,910-square-foot industrial portfolio in the Keystone Industrial Park in Bristol, PA for $42 million. Consisting of eight warehouse buildings, the portfolio is 95%-leased to 14 tenants, including international distributors and local service providers serving the Philadelphia metropolitan area and New Jersey.
ASB acquired the assets on behalf of its Allegiance Real Estate Fund, a $7.3 billion core investment vehicle.
“The portfolio is strategically situated adjacent to one of the region's most important interstate arteries, with direct access to both Philadelphia and New York City, as well as points west,” says Brodie Ruland, ASB senior vice president and Northeast region head. “This acquisition continues the expansion of our nationwide industrial portfolio, which seeks to secure strong, income-oriented returns at this mature stage of the current real estate cycle.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.