CC Library shows in panel, but media is offline

My library is shared, accepted, and sync'd to two machines. Both machines can drag assets from the library into a project.

However, when I create a project on one machine using a library asset and try to open that project on the other machine, the library asset displays as media offline. Since it is a library asset, I am not able to link or replace the media in the standard way, since the file doesn't exist on my hard drive.

Again, the library and assets both show up on both machines. I've tested this using two different CC accounts as well as using the same account on both machines.

Am I missing something with the sync/link setup? Is there actually a location on the local machine where library assets get saved to so I can manually link?