ASB acquires 1.38msf logistics center in Savannah

ASB Real Estate Investments has purchased the Savannah Logistics Center, a 100 percent leased, three-building, 1.38 million-square-foot class A industrial portfolio serving the nation’s fastest-growing container port. ASB made the acquisition on behalf of its Allegiance Real Estate Fund, a $7.9 billion core vehicle. Ares Management, a global alternative investment manager, was the seller. Terms of the transaction were not disclosed; however, it has been reported that the sales price was $161 million.

Situated on 84 acres just west of the Savannah/Hilton Head International Airport in Pooler, Ga., the portfolio provides phenomenal access to the Port of Savannah via Pooler Parkway and is proximate to both Interstate 16 and Interstate 95, providing for direct connectivity to Atlanta, Florida and the Carolinas. The portfolio includes two buildings at 1020 and 1024 S H. Morgan Parkway — 710,000 and 325,000 square feet, respectively — that are fully leased to Matson Logisti