ASB Real Estate Investments has paid $100.5 million for the newly constructed, 677,383-square-foot Bloomington Logistics Center in the Southern California’s Inland Empire industrial market.
The class A property is 100 percent triple net leased on a long-term basis to Newgistics, Inc., the e-commerce division of Pitney Bowes. ASB made the investment on behalf of its Allegiance Real Estate Fund, a $7.5 billion core vehicle. The seller was not disclosed.
Located at 11260 Cedar Ave., the Bloomington Logistics Center has direct access to Interstate-10 and proximity to I-15 and I-60, and benefits from the ports of Los Angeles and Long Beach as well as Ontario International Airport and the shipping hubs of UPS and FedEx. The building features state-of-the-art construction — 36-foot-clear ceiling heights, cross-dock loading with 118 dock-high doors, 8-inch-thick slab floors, 185-foot concrete secured truck courts, ESFR sprinklers, and 171 trailer parking stalls.
Aaron Duncan, ASB senior vice president and western region head, said, “This prime investment further expands ASB’s core industrial portfolio with a strong income-producing, best-in-class asset. It’s a trophy building with an outstanding location in the country’s premier industrial market.”
The acquisition is ASB’s second this year in the Inland Empire. In August, ASB invested $123.7 million in a recently completed, 1 million-square-foot distribution facility in the Columbia Business Park in Riverside. Since mid-2018, ASB has acquired approximately 5.8 million square feet of industrial space in major U.S. distribution markets, including Los Angeles, Northern New Jersey, San Francisco, Miami, Houston and Philadelphia. These purchases total more than $665 million.
