(EDITOR’S NOTE: Three of the properties in the portfolio are located in Southern California. They are located at 14215 Normandie Avenue in Gardena, 500 South Walnut Street in Anaheim and 7540 Rosecrans Avenue in Paramount.)
Washington, DC — ASB Real Estate Investments (ASB) announced today the financing of a $248 million self-storage portfolio with three-year, $125 million floating-rate debt from PNC Bank at a spread of 170 basis points over LIBOR. The StorQuest II Portfolio of nine self-storage assets located in New York, Los Angeles, Miami, and Portland, OR is held in ASB’s Allegiance Real Estate Fund.
In 2018 and 2019 ASB acquired the portfolio of newly constructed Class A self-storage facilities in a joint venture with The William Warren Group (WWG), a national self-storage management company. The portfolio has leased up to 91% occupancy, maintaining strong tenant demand throughout the COVID-19 pandemic.
Lawrence Braithwaite, ASB Senior Vice President, said: “The financing takes advantage of the extremely favorable cost of debt available today. The terms of the financing also highlight how self-storage recently has become mainstreamed as an attractive, recession-resistant, core real estate investment with durable supply-demand fundamentals and strong NOI growth.”
Since 2018, ASB has invested $718 million in self-storage assets, assembling a nationwide portfolio comprising 26,408 units in 11 major metropolitan areas.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with more than $8 billion (as of 9/30/2021) in gross assets under management for over 325 institutional clients. Headquartered in Washington DC, ASB invests in major U.S. markets, concentrating in office, multifamily, retail, industrial and self-storage properties and employs core, value add and development strategies for its clients. For more information about the company, visit www.asbrealestate.com.
