ASB Real Estate Investments has acquired a 1-million-square-foot class-A distribution facility in Riverside for $123 million from Washington Capital Management, Inc. The property was purchased through ASB’s $7.6 billion Allegiance Real Estate Fund, a core investment vehicle.
Developed by Trammell Crow, the property features ultra-high 37-foot clear ceilings, cross docking with 143 dock-high doors and 195 trailer stalls. It is 100% leased on a long-term basis.
ASB has been targeting major distribution markets. In the last 12 months, it has acquired 4.5 million square feet of industrial, totaling more than $494 million.
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