San Francisco, CA (July 27, 2018) — ASB Real Estate Investments announced today the $18.9 million acquisition of a 94,000-square-foot warehouse on five acres located in Petaluma, CA, part of the Santa Rosa industrial submarket of the nine county San Francisco Bay Area.
ASB acquired the property on behalf of its Allegiance Fund, a $7.0 billion core investment vehicle, from the seller, New York Life Real Estate Investors. Recently constructed in 2017 near Highway 101, the warehouse, located at 1490 Cader Lane, is 100% leased on a long-term basis to two prominent regional dairy companies — Clover Sonoma and Cowgirl Creamery.
The property features 28- to 30-foot clear heights, ESFR sprinklers, a 140-foot truck court, 19 hydraulic dock high doors, and 40- by-50-foot column spacing. The building uses energy saving technologies, including night-air cooling, energy-efficient lighting, electric vehicle charging stations, and rooftop solar panels. In addition, the property has 61,000 square feet of reserved surface truck parking.
ASB Senior Vice President Aaron Duncan said: “The acquisition provides strong cash-flow from a new asset in a local market with low vacancies and limited new construction. It’s part of ASB’s ongoing strategy to expand our national industrial warehouse portfolio and help solidify income returns at the current point in the real estate cycle.”
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 $7.4 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; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account. For more information about the company, visit www.asbrealestate.com.