LaSalle Acquires Tempe Commerce Park Enhancing Industrial Holdings
Deal News | Jan 06, 2025 | LaSalle Investment Management
LaSalle Investment Management has announced the acquisition of Tempe Commerce Park in the Metro Phoenix area of Arizona. This industrial complex comprises five buildings totaling 536,122 square feet and is strategically located in a high-demand submarket, benefiting from proximity to major transportation routes. The site is 92% leased to a diverse array of tenants, including McKesson, Genuine Cable Group, and Rivian. This acquisition aligns with LaSalle's strategy to expand its industrial allocations in high-growth metropolitan markets and is seen as a valuable addition to its LaSalle Property Fund, offering diversity and potential for growth in the industrial sector. With LaSalle managing $88.2 billion in assets globally, this move showcases the firm's continued strength and strategic foresight in real estate investment.
Sectors
- Real Estate Investment
- Industrial Real Estate
Geography
- United States – The acquisition of Tempe Commerce Park takes place in the United States, specifically in the Metro Phoenix area of Arizona, a key geographical area for industrial real estate growth.
- Arizona – The state of Arizona is significant due to its burgeoning industrial market and strategic location advantages, making it a focus area for LaSalle's investment strategy.
- Metro Phoenix – Metro Phoenix is identified as a high-growth metropolitan market, serving as an attractive location for LaSalle’s industrial asset acquisition.
Industry
- Real Estate Investment – The acquisition of Tempe Commerce Park involves a real estate investment transaction, highlighting the importance of strategic asset allocation in growing metropolitan markets.
- Industrial Real Estate – The focus on an industrial complex acquisition in a high-demand location underscores the relevance of the industrial real estate sector, which is witnessing increased investment due to growth potential.
Financials
- 536,122 square feet – Total area of the Tempe Commerce Park industrial complex acquired by LaSalle.
- 92% – The occupancy rate of Tempe Commerce Park at the time of acquisition.
- US$88.2 billion – The total assets under management by LaSalle Investment Management as of Q3 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| LaSalle Investment Management | Buyer | Company | A leading global real estate investment manager with substantial assets under management, engaged in acquiring and managing real estate investment portfolios. |
| LaSalle Property Fund | Investment Vehicle | Fund | LaSalle's US core open-ended fund through which the acquisition of Tempe Commerce Park was made. |
| Tempe Commerce Park | Target | Company | A five-building industrial complex located in Tempe, Arizona, with a total area of 536,122 square feet, 92% leased to diverse tenants. |
| McKesson | Tenant | Company | One of the eight diverse tenants leasing space in Tempe Commerce Park. |
| Genuine Cable Group | Tenant | Company | Another tenant in Tempe Commerce Park. |
| Rivian | Tenant | Company | A tenant within the Tempe Commerce Park complex. |