ASB Real Estate Investments has acquired a 475,910-square-foot industrial portfolio in the Keystone Industrial Park in Bristol, PA for $42 million. Consisting of eight warehouse buildings, the portfolio is 95%-leased to 14 tenants, including international distributors and local service providers serving the Philadelphia metropolitan area and New Jersey.
ASB acquired the assets on behalf of its Allegiance Real Estate Fund, a $7.3 billion core investment vehicle.
“The portfolio is strategically situated adjacent to one of the region’s most important interstate arteries, with direct access to both Philadelphia and New York City, as well as points west,” says Brodie Ruland, ASB senior vice president and Northeast region head. “This acquisition continues the expansion of our nationwide industrial portfolio, which seeks to secure strong, income-oriented returns at this mature stage of the current real estate cycle.”
Located in the southeast corner of Lower Bucks County, the complex is approximately 20 miles northeast of Center City Philadelphia and 70 miles south of New York City, and is within a mile of the new Pennsylvania Turnpike/I-95 Interchange. The interchange provides immediate connections to the primary north-south and east-west interstate corridors in the region, including the heavily trafficked New Jersey Turnpike. Few development sites exist in the submarket providing for high barriers to entry and minimizing new supply.
The portfolio consists of two buildings of 110,000 square feet each, and six other buildings varying in sizes from 30,000 to 60,000 square feet. Combined, they offer an array of functional spaces with clear ceiling heights up to 26 feet and truck court depths typically 95 to 100 feet.
www.omegare.com
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