A core US property fund managed by ASB Real Estate Investments has teamed up with Endurance Real Estate to buy a $91m (鈧�78.6m) industrial asset.
The $7.4bn Allegiance Real Estate Fund and Endurance have bought the 1.52m sqft York Business Center in Central Pennsylvania from Equity Industrial Partners.
The three-building warehouse facility is situated on 119 acres near the intersection of I-83 and Route 30 and the property is 94.2% leased, ASB said.
The latest investment is ASB鈥檚 fourth with Endurance.
Brodie Ruland, ASB managing director and co-head of acquisitions, said: 鈥淭he York Business Center investment expands ASB鈥檚 industrial portfolio into a strategically important regional distribution and manufacturing corridor.
鈥淲e 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鈥檚 major population centres.鈥�
Benjamin Cohen, president of Endurance, said: 鈥淭he acquisition of York Business Center represents the single largest acquisition in Endurance鈥檚 20-year history.
鈥淚n-fill, efficient older assets like this property that provide the functionality of a Class A facility in the way of power, abundant car and trailer parking are very hard to come by.鈥�
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