ASB Real Estate Investments recently announced the $85 million sale of a 209,000-square-foot, Sunset Park warehouse complex. ASB and joint venture partner 60 Guilders bought the asset for $47 million in 2017. ASB made the sale on behalf of its Allegiance Real Estate Fund, a $7.9 billion core vehicle. Cushman & Wakefield, led by Adam Spies and Josh King, represented the partnership.
“The sale takes advantage of the opportunity to register a success on our investment and redeploy proceeds into higher-income-producing assets available in the current market,” says Brodie Ruland, managing director and co-head of acquisitions at ASB.
Located at 5112 Second Ave., the warehouse complex includes a three-story main building, a single-story annex, and 21,000 square feet of surface parking. The property is 100 percent leased to the New York City Board of Elections, is within blocks of R-line subway stations, and provides access to Interstate 278, which connects into all th
