York, PA — October 18, 2021 — ASB Real Estate Investments (ASB) today announced the acquisition of a 1,525,000-square-foot industrial facility, York Business Center, located in York, PA for $90.96 million in a joint venture with Endurance Real Estate Group. ASB made the investment on behalf of its Allegiance Real Estate Fund, a $7.4 billion core vehicle.
The three-building warehouse facility is situated on 119 acres near the intersection of I-83 and Route 30 and located in the core of the Central Pennsylvania industrial market. This prime location provides easy access to exceptional highway infrastructure that places approximately 40% of the US population, six of the top 10 U.S. MSAs and 51% of the Canadian population within a one-day truck drive. In addition, companies are attracted to the Central Pennsylvania region for its ample blue-collar labor pool—236,000 working-aged people are within a 30-minute drive of York.
The property is 94.2% leased primarily to Harley-Davidson for just-in-time manufacturing and pre-assembly which supports the nearby Harley-Davidson York manufacturing plant, LSC Communications, a multinational commercial printing company, and WellSpan, a non-profit healthcare delivery company.
The two primary buildings in the complex—787,600 square feet and 686,000 square feet—feature up to 32-foot clear ceiling heights, ample column spacing and a combined dock ratio of one per 7,000 square feet. The overall site provides parking for 1,600 cars and 400 trailer spaces. The asset also includes 53,670 square feet of office space, that WellSpan utilizes as a mission critical operations center.
Brodie Ruland, ASB Managing Director and Co-Head of Acquisitions, said: “The York Business Center investment expands ASB’s industrial portfolio into a strategically important regional distribution and manufacturing corridor. We are continuing to grow and diversify our industrial portfolio across the country meeting the significantly increasing tenant demand for well-located assets that facilitate rapid delivery of parts, products, and consumer goods in and around the nation’s major population centers.”
“The acquisition of York Business Center represents the single largest acquisition in Endurance’s 20-year history. In-fill, efficient older assets like this property that provide the functionality of a Class A facility in the way of power, abundant car and trailer parking are very hard to come by. We are a strong believer in the York market specifically with its abundant labor and historical manufacturing base,” added Benjamin Cohen, President of Endurance. Separately, Endurance also recently successfully leased a newly constructed 352,000 SF warehouse to Harley-Davidson for finished goods in York, PA.
ASB’s industrial nationwide portfolio, comprising nearly 10 million square feet of space, is 99% leased. The company has invested $1 billion in 17 industrial assets since 2018.
The investment is ASB’s fourth with Endurance Real Estate Group, a diversified real estate developer and management company in the Mid-Atlantic States. The joint venture bought the asset from Equity Industrial Partners.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with more than $7.9 billion (as of 6/30/2021) in gross assets under management for over 325 institutional clients. Headquartered in Washington DC, ASB invests in major U.S. markets, concentrating in office, multifamily, retail, industrial and self-storage properties and employs core, value add and development strategies for its clients. For more information about the company, visit www.asbrealestate.com.
About Endurance Real Estate Group
Endurance Real Estate Group, LLC, formed in 2002, is a Radnor, PA based real estate owner/developer focused on income and value add industrial opportunities located in the Mid-Atlantic region. Since its formation, Endurance has acquired and developed over $1 billion of assets totaling almost 18 million square feet and sold 10.7 million square feet with a combined value of $740 million. Endurance currently owns and operates a portfolio totaling over 7.1 million square feet consisting of 47 buildings. Existing space includes 4.5 million square feet of industrial space and 750,000 square feet of flex/office space. Endurance is currently developing over 1.9 million square feet of distribution buildings in several projects in varying building sizes from 60,000 square feet up to 1,000,000 as well as entitling several other projects totaling 2 million square feet.
The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.