ASB Capital Management pays $38M for Fort Lauderdale warehouse

Institutional Investors are continuing to buy industrial properties in Broward County

TRD MIAMI /
May.May 29, 2019 12:30 PM
Kevin D. Moore, Managing Director and Director of Equity Investments for ASB Capital Management and 201 Northwest 22nd Avenue (Credit: CityFeet)

Kevin D. Moore, Managing Director and Director of Equity Investments for ASB Capital Management and 201 Northwest 22nd Avenue (Credit: CityFeet)

Institutional investors are continuing to pour money into Broward’s industrial market.

ASB Capital Management bought a 221,815-square-foot warehouse in Fort Lauderdale for $38.2 million, records show. The price equates to $172 per square foot.

ASB bought the property at 201 Northwest 22nd Avenue from Chicago-based Bridge Development Partners.

Known as the Bridge Point Riverbend, the property features 32-foot ceiling heights and rear-dock loading.

Bridge Development had bought the site for $10.4 million in 2017 and built the warehouse in 2018.

Bethesda, Maryland-based ASB has $18.8 billion assets under management, according to its website. The company is active in South Florida. In 2018, ASB paid $24.3 million for a warehouse in Hialeah that’s fully leased to the furniture manufacturer Synergy Custom Fixtures.

Institutional investors are still flocking to South Florida’s industrial market, despite concerns that prices will come down this year. In Miami-Dade County, rents decreased to $9.47 per square foot in the first quarter from $9.70 per square foot in the fourth quarter of last year, due to an increase in warehouses delivered, according to a report by Colliers International South Florida.


Related Articles

arrow_forward_ios
Founder and CEO of IT'SUGAR Jeff Rubin, and BBX CEO Alan Levan (Credit: Denise Truscello/Getty Images)

It’Sugar files for bankruptcy protection after sales sour

It’Sugar files for bankruptcy protection after sales sour
Peter Vauthy and Red South Beach (Getty)

The Weekly Dish: Red South Beach signs $5M lease for new space & more

The Weekly Dish: Red South Beach signs $5M lease for new space & more
2701 Jockey Circle in Davie, FL (Google Maps, iStock)

Leaked bank documents show South Florida real estate’s alleged ties to money laundering

Leaked bank documents show South Florida real estate’s alleged ties to money laundering
827 South SR 7, Fort Lauderdale & 1200 South Congress Ave, West Palm Beach (Credit: Google Maps)

Off Lease Only sells two South Florida locations for $50M

Off Lease Only sells two South Florida locations for $50M
Grant Cardone and 3300 Port Royale Drive North, Fort Lauderdale (Credit: Google Maps)

Grant Cardone nabs waterfront Fort Lauderdale apartment complex

Grant Cardone nabs waterfront Fort Lauderdale apartment complex
Kenneth Stiles and a rendering of Novo Las Olas

Preleasing begins at Novo Las Olas in downtown Fort Lauderdale

Preleasing begins at Novo Las Olas in downtown Fort Lauderdale
2325 Desota Drive in Fort Lauderdale and Bryan T. Rich (Realtor, Linkedin)

Software CEO buys waterfront Fort Lauderdale home for $6M

Software CEO buys waterfront Fort Lauderdale home for $6M
450 Northeast Fifth Street (Credit: Google Maps)

Jenco Properties pays $68M for Flagler Village apartments

Jenco Properties pays $68M for Flagler Village apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...