ASB and Endurance sell industrial asset for USD41.975m
ASB Real Estate Investments (ASB) and Endurance Real Estate Group have sold a 430,373 square foot, multi-tenant industrial building for USD41,975,000 to EQT Exeter, a global real estate operator.
ASB and joint venture partner Endurance Real Estate Group bought the property located at 450 Winks Lane in Bucks County just off the Street Road exit of Interstate 95 (I-95) in December 2018. ASB’s sale was made on behalf of its Meridian Real Estate Fund II.
Originally built in 1973 and located within the Expressway 95 Business Park, 450 Winks Lane is strategically situated immediately north of Philadelphia. The property offers superior access to many major arteries including US Routes 1, 13, 130, exit 351 of the PA Turnpike and the New Jersey Turnpike.
Brodie Ruland, ASB Managing Director and Co-Head of Acquisitions, says: “The sale represents an excellent execution of our value creation strategy and benefits from the current high demand from institutional investors for industrial properties, driving down cap rates, increasing valuations, and escalating sale prices.”
Albert J Corr, Senior Vice President of Endurance, says: “Demand of infill industrial assets continues to be a strong market driver in the surrounding counties of suburban Philly. Our diverse tenant roster made this a very desirable industrial opportunity, which was highly competitive and sought after by many buyers.”
The CBRE National Partners team of Brad Ruppel, Mike Hines, Brian Fiumara and Lauren Dawicki represented the seller and procured the buyer.