ASB Real Estate Investments has acquired a newly constructed, one-million-square-foot, class A industrial distribution facility in the Inland Empire, east of Los Angeles.
ASB made the $123.75 million purchase of the Columbia Business Park project located at 490 Columbia Avenue in Riverside, Calif., on behalf of its $7.6 billion Allegiance Real Estate Fund, a core investment vehicle. The seller was a client of Washington Capital Management.
The property features ultra-high 37-foot clear ceilings, cross docking with 143 dock-high doors and 195 trailer stalls. And it is 100 percent leased on a long-term basis.
Aaron Duncan, ASB senior vice president and western region head, said, “ASB has acquired a state-of-the-art facility in one of the most dynamic industria
