{"id":1004207431,"date":"2018-02-16T05:02:12","date_gmt":"2018-02-16T13:02:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004207431"},"modified":"2022-12-08T17:59:25","modified_gmt":"2022-12-09T01:59:25","slug":"asb-to-sell-infomart-dallas-for-800m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/asb-to-sell-infomart-dallas-for-800m\/","title":{"rendered":"ASB to Sell Infomart Dallas for $800M"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"Infomart<\/a>

Infomart Dallas<\/p><\/div>\n

ASB Real Estate Investments is on the verge of pocketing a tidy profit on Infomart Dallas. Acting on behalf of its Allegiance Real Estate Fund, the real estate investment management firm recently signed on to sell the 1.6 million-square-foot data center and office complex, located just outside of downtown Dallas, to Equinix Inc., for a whopping $800 million in cash and stock.<\/p>\n

Having acquired Infomart for $169.9 million in 2005, ASB is on the verge of reaping the rewards of its long-term hold strategy for the asset. \u201cASB has benefited from significant value creation over the term of our investment, and we saw the opportunity to realize gains for our investors, while rebalancing our diversified real estate portfolio in line with allocation targets,\u201d<\/em> Robert Bellinger, president & CEO of ASB Real Estate Investments, said in a prepared statement.<\/p>\n

Originally developed in 1985, Infomart sits at 1950 N. Stemmons Fwy. and has a certain prominence in Dallas\u2014not just due to its Crystal Palace-inspired design, but also for its status as one of the largest interconnection hubs in the U.S. The tenant roster includes the likes of Bank of America, Verizon and soon-to-be owner Equinix, which is the largest occupant at the property.<\/p>\n

Per terms of the Infomart sale agreement with Equinix, ASB will receive $31 million in cash and $750 million in senior unsecured notes issued in a structured payment over 36 months. The transaction is scheduled to close in the second quarter of 2018.<\/p>\n

Investing and divesting<\/strong><\/h2>\n

ASB has been keeping itself busy over the last few months, buying and selling on behalf of its Allegiance Fund. The firm walked away with $144 million on the disposition of 900 G St. NW, a 112,600-square-foot trophy office tower in Washington<\/a>, D.C. ASB also bolstered its portfolio with the acquisition of the 355,000-square-foot 64 New York Ave. office building in the District, and the joint venture purchase of Sunset Park, a Brooklyn warehouse complex encompassing 209,000 square feet.<\/p>\n

The $7.4 billion Allegiance Fund is ASB\u2019s sole vehicle for core real estate investment.<\/p>\n

Image courtesy of Equinix Inc.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 1.6 million-square-foot data center and office complex the company purchased in 2005 will soon come under Equinix Inc.\u2019s ownership, in a cash and stock transaction.<\/p>\n","protected":false},"author":969,"featured_media":1004207434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21755,21743,21808,21783,21752,21742,21747],"tags":[33643,33250,33062],"class_list":["post-1004207431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-data-centers","category-deals","category-featured","category-investment","category-mixed-use","category-latest","category-office","tag-asb-real-estate-investments","tag-bank-of-america","tag-equinix-inc"],"acf":[],"yoast_head":"\nASB to Sell Infomart Dallas for $800M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/asb-to-sell-infomart-dallas-for-800m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASB to Sell Infomart Dallas for $800M\" \/>\n<meta property=\"og:description\" content=\"The 1.6 million-square-foot data center and office complex the company purchased in 2005 will soon come under Equinix Inc.\u2019s ownership, in a cash and stock transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/asb-to-sell-infomart-dallas-for-800m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-16T13:02:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:59:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Infomart-Dallas-credit-Equinix.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/asb-to-sell-infomart-dallas-for-800m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/asb-to-sell-infomart-dallas-for-800m\/\",\"name\":\"ASB to Sell Infomart Dallas for $800M - 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