{"id":1004562879,"date":"2022-01-06T04:31:40","date_gmt":"2022-01-06T12:31:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004562879"},"modified":"2022-12-07T17:17:49","modified_gmt":"2022-12-08T01:17:49","slug":"asb-jv-sells-brooklyn-industrial-asset-for-85m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/asb-jv-sells-brooklyn-industrial-asset-for-85m\/","title":{"rendered":"ASB Sells Brooklyn Asset for $85M"},"content":{"rendered":"
\"\"<\/a>

5112 Second Ave. Image courtesy of ASB Real Estate Investments<\/p><\/div>\n

A joint venture of ASB Real Estate Investments and 60 Guilders has sold a two-building, 209,000-square-foot warehouse complex in Brooklyn, N.Y. According to public records, CBRE Investment Management was the buyer. ASB closed the deal on behalf of its $7.9 billion core vehicle, Allegiance Real Estate Fund.<\/p>\n

The complex is fully leased to the New York City Board of Elections and last traded in 2017, when the partnership paid $47 million for the asset. Located at 5112 Second Ave. in the Sunset Park neighborhood, the property comprises a three-story main building, a single-story annex and 21,000 square feet of surface parking.<\/p>\n

Dating back to 1920, the property spans across a 2.1-acre plot situated a block from Interstate 278\u2014offering access to all the other NYC boroughs\u2014and sits in proximity of Brooklyn Army and South Brooklyn Marine terminals.<\/p>\n

Cushman and Wakefield\u2019s Adam Spies and Josh King represented the sellers.<\/p>\n

Betting big on industrial<\/h2>\n

The news comes on the heels of CBRE Investment Management making a record-breaking commitment<\/a> to the industrial sector. Earlier this week, the company announced that it will purchase a global logistics portfolio from Dallas-based Hillwood Investment Properties, for $4.9 billion. One of the sector\u2019s largest transactions of all time, the move includes 57 properties across the U.S. and Europe.<\/p>\n

One of ASB\u2019s most significant industrial purchases in 2021\u2014closed in a joint venture with Endurance Real Estate Group\u2014was the acquisition of a 1.5 million-square-foot industrial asset<\/a> in York, Pa., for $91 million. Equity Industrial Partners was the seller of the three-building property. The acquisition of York Business Center was also on behalf of ASB’s Allegiance Real Estate Fund.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property\u2019s price has nearly doubled since its last trade.<\/p>\n","protected":false},"author":739,"featured_media":1004562880,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1600,21742,10],"tags":[37893,45410,33643,51518,32799],"class_list":["post-1004562879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-60-guilders","tag-asb-allegiance-real-estate-fund","tag-asb-real-estate-investments","tag-cbre-investment-management-fund","tag-cushman-wakefield"],"acf":[],"yoast_head":"\nASB Sells Brooklyn Asset for $85M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"According to public records, CBRE Investment Management was the buyer of the 209,000-square-foot warehouse complex in Sunset Park.\" \/>\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-jv-sells-brooklyn-industrial-asset-for-85m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASB Sells Brooklyn Asset for $85M\" \/>\n<meta property=\"og:description\" content=\"According to public records, CBRE Investment Management was the buyer of the 209,000-square-foot warehouse complex in Sunset Park.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/asb-jv-sells-brooklyn-industrial-asset-for-85m\/\" \/>\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=\"2022-01-06T12:31:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T01:17:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/Sunset-Park-Warehouse-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"889\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\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-jv-sells-brooklyn-industrial-asset-for-85m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/asb-jv-sells-brooklyn-industrial-asset-for-85m\/\",\"name\":\"ASB Sells Brooklyn Asset for $85M - 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