JV Partners Sell 430K-SF Industrial Asset
ASB Real Estate Investments and Endurance Real Estate Group LLC have sold a Philadelphia-area multi-tenant property for $41.9 million.
PHILADELPHIA, PA – Joint-venture partners, ASB Real Estate Investments and Endurance Real Estate Group LLC have sold a 430,373-square-foot industrial building to global real estate operator, EQT Exeter for $41.9 million.
Located at 450 Winks Ln. in Bucks County, PA, the multi-tenant industrial asset is situated within the Expressway 95 Business Park, directly north of Philadelphia, PA.
The sale was made on behalf of ASB Real Estate Investments’ Meridian Real Estate Fund II.
The joint-venture partners purchased the property in December 2018. The asset was originally constructed in 1973.
CBRE’s Brad Ruppel, Mike Hines, Brian Fiumara and Lauren Dawicki represented the seller and procured the buyer for the transaction.
“The sale represents an excellent execution of our value creation strategy and benefits from the current high demand from institutional investors for industrial properties, driving down cap rates, increasing valuations, and escalating sale prices,” says Brodie Ruland, managing director and co-head of acquisitions at ASB Real Estate Investments.
“Demand of infill industrial assets continues to be a strong market driver in the surrounding counties of suburban Philly,” says Albert J. Corr, SVP of Endurance Real Estate Group. “Our diverse tenant roster made this a very desirable industrial opportunity, which was highly competitive and sought after by many buyers.”