ASB JV Nabs Brooklyn Warehouse Complex
- Oct 09, 2017
ASB Real Estate Investments has teamed up with 60 Guilders to acquire a two-building warehouse complex in Brooklyn. The joint venture paid Salmar Properties $47 million for the 209,000-square-foot property. ASB purchased it through Allegiance Fund, its $7 billion core vehicle. According to public records, the sale was funded by a $23.7 million loan financed by Capital One.
Located at 5112 2nd Ave., the asset includes a three-story main building, single-story annex and 21,000 square feet of surface parking. Additionally, it is located in the borough’s emerging Sunset Park neighborhood and is bounded by retailers, art galleries and the Brooklyn Army Terminal. Multiple nearby subway stations and Interstate 278 provide easy access to and from the city’s other boroughs. Its anchor tenant is the New York City Board of Elections.
Cole Schotz P.C.’s Leo Leyva, Jordan Metzger, Matthew Schneid and Jonathan Goodelman represented 60 Guilders in the transaction.
“The acquisition represents an excellent, cash-flowing infill investment, which will benefit from decreasing supply and increasing demand for well-located, accessible industrial buildings within New York City. For a long-term hold, the area may offer future opportunity for conversion to office or multifamily uses,” ASB Senior Vice President & Head of the Northeast Region Brodie Ruland said in a prepared statement.
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