ASB Real Estate Acquires Warehouse in Hialeah

ASB Real Estate Investments of Bethesda, MD has purchased the fully leased warehouse at 215 SE 10th St. in Hialeah, FL for $24.3 million. The 302,000-square-foot warehouse is fully leased on a long-term basis to Synergy Custom Fixtures, a custom counters and fixtures manufacturing firm. ASB acquired the industrial property from Terreno Realty Corp. The building includes approximately 23,000 square feet of office space. San-Francisco-based Terreno Realty acquired the property in December 2010 for approximately $9 million. Terreno Realty, which acquires, owns and operates industrial real estate in Los Angeles, Northern New Jersey/New York City, the San Francisco Bay area, Seattle, Miami and Washington, D.C., estimates the unleveraged internal rate of return generated by the investment and sale of the property at approximately 11.5%. The property features 200 secured parking spaces, 22 dock doors and 6,000 amps of power. Lincoln Property Company’s South Florida division advised ASB on the acquisition and will be providing property management services at the building.