LaSalle Acquires 536,000 sq ft Industrial Complex in Tempe, Arizona
- Editor
- Jan 5
- 1 min read
What's Happening: LaSalle Investment Management has acquired Tempe Commerce Park, a five-building industrial complex in Tempe, Arizona, for its U.S. core open-ended fund, LaSalle Property Fund (LPF). The 536,122 square foot property is situated on 36.79 acres and is 92% leased to eight diverse tenants.
The Key Moves:
Acquisition aligns with LPF's strategy to increase industrial allocation in high-growth metro markets
Property features 24-foot clear heights, dock-high and grade-level doors, and ample parking
Located in one of Metro Phoenix's most sought-after submarkets with excellent accessibility
By The Numbers :
536,122 square feet total complex size
92% current occupancy rate
US$88.2 billion in assets managed globally by LaSalle as of Q3 2024
Key Quotes:
Jim Garvey: 'This acquisition aligns with our strategy to increase the Fund's industrial allocation in high-growth metropolitan markets.'
Matt Bogovich: 'We're excited to acquire this high-quality industrial complex in Tempe, a key submarket within Metro Phoenix.'
Matt Bogovich: '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.'
The Bottom Line: LaSalle's acquisition of Tempe Commerce Park demonstrates the fund's commitment to expanding its industrial portfolio in strategic, high-growth markets. The property's prime location, high occupancy rate, and diverse tenant mix position it well for strong performance in the thriving Metro Phoenix industrial market.
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