Thursday, May 9, 2019

ASB & Endurance Announce the Acquisition of 79 North Industrial Park for $38 Million

For More Information

Brian Evans

bevans@endurance-re.com

Pittsburgh PA – ASB Real Estate Investments (ASB) announced today the acquisition of a 408,000-square-foot industrial complex located ten miles northwest of downtown in Sewickley along I-79 for $38 million in joint venture with an affiliate of Endurance Real Estate Group LLC. ASB 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. CBRE represented the Seller in the transaction.

The seven-building complex, the 79 North Industrial Portfolio, is 99% leased to 21 tenants including Amazon, Verizon, Chrysler, and Safelite Glass. The acquisition also includes three land parcels, suitable for future development. Buildings range in size from 10,000 to 80,000 square feet and are well-suited to major tenants serving the Pittsburgh metropolitan area. The location along Pittsburgh’s primary north-south highway is just 20 minutes from downtown.

Brodie Ruland, ASB Managing Director for the Northeast Region, said: “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. We see ongoing opportunities to take advantage of expanding e-commerce related distribution requirements in the Pittsburgh market.”

“Endurance is excited to have completed our third transaction with ASB and our first in the Pittsburgh market. This transaction highlights our investment strategy of buying well located light industrial assets with the ability to unlock latent value via our development expertise,” added Jared Newman, Vice President of Acquisitions at Endurance.

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 $8.0 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing and the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles.

About Endurance Real Estate Group

Endurance Real Estate Group, LLC (www.endurance-re.com), formed in 2002, is a Radnor, Pennsylvania-based real estate owner/developer focused on income and value add industrial opportunities located in the Mid-Atlantic region. Since its formation, the company has acquired over $600 million of assets totaling 10 million SF and sold over 6.2 million SF with a combined value of $350 million. Endurance currently owns and operates a portfolio totaling over 4.5 million square feet consisting of 49 buildings. Existing space includes 3.3 million square feet of industrial and 1.2 million square feet of flex/office space.