ASB Real Estate Investments acquired a 408,000-square-foot industrial complex 10 miles northwest of downtown Sewickley for $38 million. The transaction is a joint venture with an affiliate of Philadelphia-area Endurance Real Estate Group LLC, which buys light industrial assets to add value through development expertise.
The seven-building complex, the 79 North Industrial Portfolio, is 99 percent leased to 21 tenants including Amazon, Verizon, Chrysler and Safelite Glass. The acquisition also includes three land parcels suitable for future development.
“This infill market’s high barriers to entry and tight supply dynamics combined with the property’s connectivity to downtown and the broader region make it highly desirable for regional tenants,” ASB Managing Director for the Northeast Region Brodie Ruland said, in a statement. "We see ongoing opportunities to take advantage of expanding e-commerce related distribution requirements in the Pittsburgh market."
ASB, which is based in Washington D.C., made the acquisition on behalf of its Allegiance Real Estate Fund, a $7.5 billion core vehicle. The seller was Bentall Kennedy, a subsidiary of Sun Life Investment Management, of Canada.