ASB Real Estate Investments, a U.S.-based real estate unit of ASB Capital Management LLC, has paid $83 million for a warehouse distribution facility in Edison, New Jersey.
The investment was made on behalf of its Allegiance Real Estate Fund.
The facility, which is a 570,100 square foot, class-A bulk within the Exit 10I to 287 industrial submarkets of northern New Jersey, was purchased from a joint venture with U.S.-based real estate developer Cohen Asset Management.
The facility is leased to U.S.-based logistics and distribution company List Logistics.