ASB Real Estate Investments has completed four major property sales totalling USD195 million on behalf of the ASB Allegiance Real Estate Fund, ASB’s USD3.4 billion open-end core real estate investment vehicle for institutional investors.
The disposition transactions include:
- A 356,000-square-foot-complex of industrial properties, located outside Minneapolis,
- A 161,000-square-foot office building in Medford, MA,
- A package of three student housing facilities, comprising a total of 516-apartment units. Two properties are located in Tampa near the University of South Florida, while the third property is adjacent to the Marquette University campus in Milwaukee, WI, and
- Two non-contiguous tracts of land in San Francisco’s financial district.
Robert Bellinger, president and CEO of ASB Real Estate, says: “As we have expanded investor holdings through more than USD1 billion in acquisitions over the past year, we continue to take advantage of strong capital market demand for real estate, and sell select properties, which no longer fit our strategy. We continue to focus new investments in major urban markets, acquiring high street retail, multifamily, office and industrial properties.”