ASB Grows IE Industrial Portfolio

ASB Real Estate Investments has acquired a 1-million-square-foot class-A distribution facility in Riverside for $123 million from Washington Capital Management, Inc. The property was purchased through ASB’s $7.6 billion Allegiance Real Estate Fund, a core investment vehicle.

Developed by Trammell Crow, the property features ultra-high 37-foot clear ceilings, cross docking with 143 dock-high doors and 195 trailer stalls. It is 100% leased on a long-term basis.

ASB has been targeting major distribution markets. In the last 12 months, it has acquired 4.5 million square feet of industrial, totaling more than $494 million.