ASB, 60 Guilders sell Sunset Park warehouse for $85M
Joint venture paid $47M for 5112 Second Avenue in 2017
ASB Real Estate Investments and 60 Guilders have traded a Sunset Park warehouse for $85 million.
The investors sold the roughly 200,000-square-foot warehouse at 5112 Second Ave. to a team of O’Connor Capital Partners and CBRE Investment Management, a source familiar with the sale told The Real Deal.
A spokesperson for ABS Real Estate confirmed the sale and the price, though declined to comment on the identity of the buyer.
“The sale takes advantage of the opportunity to register an excellent gain on our investment and redeploy proceeds into higher-income producing assets available in the current market,” Brodie Ruland, ASB’s co-head of acquisitions, said in a statement.
A Cushman & Wakefield team led by Adam Spies and Josh King brokered the sale.
Representatives for CBRE Investment Management and O’Connor Capital Partners could not be immediately reached for comment.
ASB Real Estate, the property arm of Maryland-based investment manager ASB Capital Management, bought the property in a joint venture with 60 Guilders in 2017 for $47 million through its $7.9 billion Allegiance Real Estate Fund.
The property is fully leased to the New York City Board of Elections.
The deal comes after CBRE Investment Management recently agreed to buy a portfolio of logistics properties from Hillwood Investment Properties for $4.9 billion.
The collection of properties spanned the United States, the United Kingdom, Germany and Poland, for a total of 28 million square feet of warehouses and distribution centers, as well as other logistics facilities, according to the Wall Street Journal. The deal marked one of the largest-ever industrial purchases, coming on the heels of a record-breaking year for the sector.