A core real estate fund managed by US investor ASB Real Estate Investments has acquired a 221,542sqft warehouse from Bridge Development Partners from for $38.2m (鈧�33.9m).
The $7.5bn ASB Allegiance Real Estate Fund has bought the new warehouse-distribution facility on 12 acres immediately off I-95 in the Southeast Broward industrial submarket.
ASB senior vice president Nicolas Franzetti said: 鈥淭his state-of-the-art distribution building, less than two miles from downtown Fort Lauderdale, has exceptional access to South Florida commercial and residential districts, the airport and Port Everglades.鈥�
Franzetti said Southeast Broward ranks as one of the country鈥檚 most dynamic industrial submarkets, with annual rent growth of over 7% and a vacancy rate of less than 3%.
鈥淎t ASB, we continue to expand our holdings of prime industrial assets, tapping into increasing tenant demand related to e-commerce logistics and ongoing economic growth across the US.鈥�
Since the beginning of 2018, ASB has acquired 3.1m sqft of industrial space in leading industrial markets, including Northern New Jersey, San Francisco, Houston, and Philadelphia.
