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.”
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.
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