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October 22, 2020
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ASB Real Estate Investments Closes $100 Mil Inland Empire Industrial Acquisition


ASB Real Estate Investments purchased Bloomington Logistics Center, a 677.4k sf, fully leased, state-of-the-art, cross-dock warehouse/distribution building in the Inland Empire community of Bloomington, for $100.5 mil ($148/sf). ASB acquired the asset on behalf of its Allegiance Real Estate Fund.

Completed in 2019, Bloomington Logistics Center features a 36-foot clear height, ESFR sprinklers, 185-foot wide truck court, 3% skylights, LED lighting, 4,000-amp electrical service, ample parking spaces, low office finish, 118 dock-high doors and four grade-level doors. The building is NNN-leased to Newgistics Inc, the e-commerce arm of Pitney Bowes that creates cutting edge digital commerce, fulfillment, shipping and returns solutions.

Situated on 34.54 acres at 11260 Cedar Ave, the property has immediate access to Interstates 10, 15 and 60 and proximity to both the Ontario International Airport and the BNSF Intermodal Container Facility, in addition to being within 75 miles of the Ports of Los Angeles and Long Beach. Bloomington Logistics Center is within the prestigious Inland Empire West Industrial submarket, one of the premier submarkets for institution-quality distribution and warehouse space in the country, and has easy access to Southern California’s growing population of more than 25 million residents.

Mark Detmer, Bo Mills and Ryan Sitov with JLL Capital Markets represented the seller, Crow Holdings Industrial (CHI), the industrial development division of Dallas-based Crow Holdings.

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