LOS ANGELES—ASB Real Estate Investments has acquired seven retail assets here for $39 million.
The properties – totaling 23,150 sq. ft. in single-story buildings located along Robertson Avenue in Beverly Hills, Abbot Kinney Boulevard in Venice, and Santa Monica’s Main Street – were purchased on behalf of ASB’s $2.1 billion Allegiance Fund in a joint venture with Blatteis & Schnur, its Los Angeles-based operating partner for the investments.
The assets include 131 North Robertson Boulevard in Beverly Hills, four buildings on Abbot Kinney Boulevard in Venice and two properties along Main Street in Santa Monica.
Robert Bellinger, president and CEO of ASB, says in a statement that the Allegiance Fund continues to expand on its strategy to build its portfolio of high-street retail investments in high-demand retail corridors in the leading urban markets. “ASB has made significant similar purchases in Manhattan, San Francisco and Chicago, and now we have made these outstanding Los Angeles acquisitions, which we believe should experience outsized revenue growth for our clients,” he says.