ASB Real Estate Investments this week signed a deal on a three-building property in Denver’s airport corridor for $72M.

The purchase includes 633,193 SF of commercial space, a Class-A warehouse portfolio currently leased to Subaru of America, Home Depot and Old West Mattress Co.

The investment was made on behalf of ASB’s Allegiance Real Estate Fund, a $7.5B core vehicle. Link Properties, a Blackstone affiliate, was the seller.

Denver’s airport corridor continues to be an ideal area for growth, attractive to developers and investors alike because of its wide-open spaces and proximity to existing infrastructure.

“This extremely attractive, cash-flowing investment further expands ASB’s Class-A industrial portfolio and should help further buttress our income-oriented returns over the long term,” Aaron Duncan, ASB senior vice president and Western Region head, said in a statement.

“Ranked as one of Denver’s top-tier industrial submarkets by Green Street and the largest in the metropolitan area, the airport submarket benefits from proximity to critical transportation hubs linking one of the country’s largest international airports to a major east-west interstate, I-70, and a nearby freight rail junction.”

The three buildings are 22100 East 26th Ave (406,959 SF) in Aurora; 9410 Heinz Way (140,630 SF) in Commerce City; and 18300 East 28th Ave. (85,604 SF) in Aurora.

“The surrounding market benefits from dramatic and dynamic residential development as well as from significant infrastructure investment in airport expansion and construction of new interstate express lanes,” Duncan said. “The prime, last-mile locations will be increasingly attractive to our high-credit tenants and other logistics users as the Denver area continues to grow.”

The buildings — built between 2000 and 2007 — feature 28- to 32-foot ceiling heights, ESFR sprinkler systems, a market-standard 7% office finish, flexible layout configurations and ample truck court depth.

According to ASB, it has acquired more than 5.1M SF of industrial space in major U.S. distribution markets since mid-2018, including Los Angeles, Northern New Jersey, San Francisco, Miami, Houston and Philadelphia. The purchases total more than $565M.

ASB, a division of ASB Capital Management LLC has more than $8B in gross assets and is headquartered in Washington, D.C. Those assets include office, multifamily, retail and industrial properties.