LaSalle acquires Buckeye85, Class A industrial building in Phoenix

LaSalle Investment Management (“LaSalle”), the global real estate investment manager, announced today the acquisition of Buckeye85, a core industrial building located in the heart of metro Phoenix’s Interstate 10 Corridor. The acquisition was made on behalf of LaSalle Property Fund (LPF), the firm’s US core open-ended fund.

The 321,892 square foot Class A building was constructed in 2023 and is fully leased to Tempur-Pedic, a leading manufacturer of mattresses and pillows and a part of Tempur Sealy International, Inc. (NYSE: TPX). It’s situated on 20 acres at 10333 West Buckeye Road, at the southwest corner of 103rd Avenue and Buckeye Road/MC-85 Highway in Phoenix, Arizona. The property is strategically located two miles from a full-diamond interchange at I-10 and 107th Avenue, positioning it within a world-class e-commerce market that is home to companies like Amazon, McKesson, Pepsico, Kroger and Home Depot.

Jim Garvey, President and Portfolio Manager, LaSalle Property Fund said: “We are pleased to add Buckeye85 to our portfolio. Our conviction in well-located, Class A industrial assets remains strong, and we believe this acquisition will continue to support the strong relative performance of the fund.”

Matt Bogovich, Vice President of Transactions, added: “We are pleased to have acquired such a high-quality industrial asset in Phoenix. Buckeye85 stands out given its new construction, modern features, and prime location. This transaction is consistent with LPF’s objective to increase exposure to industrial properties, especially in locations with favorable supply and demand dynamics.”

LaSalle Property Fund invests in and manages a portfolio of diversified high-quality core real estate assets in major markets across the US in the industrial, multifamily, office, retail and niche sectors. Since its inception in 2010, LaSalle Property Fund has focused on creating and managing a portfolio with an emphasis on property types with strong growth potential and lesser risk of disruption from secular changes. The Fund’s assets are diversified across major and niche property sectors in major American markets, aiming to provide reliable returns.

About LaSalle Investment Management | Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.