LaSalle's Strategic Acquisition in Metro Phoenix
LaSalle Investment Management has made a significant move by acquiring Tempe Commerce Park, a notable five-building industrial complex. This impressive site spans 536,122 square feet and sits on 36.79 acres in the heart of a bustling market.
Key Features of Tempe Commerce Park
This industrial complex boasts features that appeal to a variety of businesses. It includes 24-foot clear heights, multiple dock-high and grade-level doors, along with ample parking space. Currently, the complex is 92% leased, serving a diverse range of eight tenants, such as McKesson, Genuine Cable Group, and Rivian.
Strategic Location Benefits
Tempe Commerce Park occupies a prime position within Metro Phoenix, right at 7340-7360 S. Kyrene Rd. and 7333-7343 S. Hardy Dr. This location is part of one of the most desired submarkets in the area, providing advantageous access to essential transportation routes, which is crucial for business operations.
Statements from LaSalle Leadership
Jim Garvey, President and Portfolio Manager of LaSalle Property Fund, expressed enthusiasm about this acquisition. He noted, "This acquisition aligns with our strategy to increase the Fund's industrial allocation in high-growth metropolitan markets. Tempe Commerce Park is an excellent addition to our portfolio, offering exposure to a prime infill submarket."
Growth Potential of the Property
Matt Bogovich, Vice President of Transactions, added his thoughts, highlighting the quality of the complex and its significance within Metro Phoenix. He mentioned, "We're excited to acquire this high-quality industrial complex in Tempe, a key submarket within Metro Phoenix. The property's strategic location, diverse tenant mix, and recent improvements position it well to capitalize on the area's strong industrial fundamentals and continued growth."
About LaSalle Investment Management
LaSalle Investment Management is recognized as one of the leading firms in real estate investment management worldwide. This organization manages approximately US$88.2 billion in assets related to both private and public real estate equity and debt investments as of the latest quarter. Its clientele includes a wide range of institutions, from public and private pension funds to corporations and individual investors.
Investment Vehicles Offered
The firm offers diverse investment options, including separate accounts and both open- and closed-end funds, helping clients achieve their unique investment objectives. Given its strong market positioning and commitment to building valuable real estate portfolios, LaSalle continues to thrive in a competitive landscape.
Frequently Asked Questions
What is Tempe Commerce Park?
Tempe Commerce Park is a five-building industrial complex acquired by LaSalle Investment Management, totaling 536,122 square feet.
Why did LaSalle Investment Management acquire this property?
The acquisition supports LaSalle's strategy to increase its industrial allocation in high-growth metropolitan areas, providing exposure to a prime market.
How many tenants occupy Tempe Commerce Park?
The complex is currently 92% leased to eight different tenants, showcasing a strong tenant mix.
What features does the property offer?
Featuring 24-foot clear heights, dock-high and grade-level doors, along with ample parking, the complex meets various business needs.
What markets does LaSalle operate in?
LaSalle operates globally, managing a diverse set of investments across a variety of real estate markets, with a focus on both equity and debt investments.
