LaSalle acquires Tempe Commerce Park in Metro Phoenix

LaSalle Investment Management has successfully acquired Tempe Commerce Park, a five-building industrial complex located in Tempe, Arizona, as part of its US core open-ended fund, LaSalle Property Fund. The property covers 536,122 square feet and occupies 36.79 acres, demonstrating modern industrial features such as 24-foot clear heights and convenient docking facilities. Situated in one of the most dynamic submarkets of Metro Phoenix, the complex is 92% leased to a diverse range of tenants including McKesson, Genuine Cable Group, and Rivian. This acquisition aligns with LaSalle's strategic goal to bolster its industrial holdings within high-growth metropolitans. Key executives noted the investment's strong fundamentals, strategic location, and tenant diversity, which they believe will drive growth and returns. LaSalle Investment Management is a prominent player in global real estate management, overseeing over $88 billion in assets as of Q3 2024.