ASB Real Estate Acquires Miami Industrial Facility
Terreno Realty Corp. sold the asset on behalf of the Allegiance Real Estate Fund, its $6.9 billion core vehicle. The building is 100 percent leased on a long-term basis to Synergy Custom Fixtures.
By IvyLee Rosario
215 Southeast 10th Ave., Miami
ASB Real Estate Investments has acquired a 10.5-acre industrial property in Miami’s submarket of Hialeah, for $24.3 million. The facility is 100 percent leased on a long-term basis to Synergy Custom Fixtures, a custom counters and fixtures manufacturer.
Terreno Realty Corp. sold the asset on behalf of the Allegiance Real Estate Fund, its $6.9 billion core vehicle. This comes off the heels of its $20.3 million sale of an industrial property in Capitol Heights, Md., in March.
“Hialeah is one of the most dynamic in-fill industrial submarkets in the country in terms of rent growth and absorption with a vacancy rate of only 3.2 percent,” said Nicolas Franzetti, senior vice president at ASB, in a prepared statement. “The investment benefits from terrific proximity to downtown Miami, the airport, Port of Miami, and major highways.”
Located at 215 SE 10th Ave., the building comprises 302,000 square feet, which includes 23,000 square feet of office space. Additional features include 200 parking spaces, 6,000 amps of power, 22 dock doors and convenient access to nearby residential neighborhoods and the local labor force.
Lincoln Property Co. represented ASB in the transaction and will be providing property management services.
Image courtesy of ASB Real Estate Investments
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