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Chicago (January 6, 2025) – LaSalle Investment Management (LaSalle) announced today the acquisition of Tempe Commerce Park, a five-building industrial complex totaling 536,122 square feet in Tempe, Arizona. The acquisition was made on behalf of LaSalle Property Fund (LPF), the firm’s US core open-ended fund.
Tempe Commerce Park The property, situated on 36.79 acres, features 24-foot clear heights, dock-high and grade-level doors, and ample parking. The complex is 92% leased to eight diverse tenants, including McKesson, Genuine Cable Group and Rivian. Located at 7340-7360 South Kyrene Road and 7333-7343 South Hardy Drive, Tempe Commerce Park benefits from its position in one of Metro Phoenix’s most sought-after submarkets, offering excellent accessibility to major transportation routes.
Jim Garvey, President and Portfolio Manager, LaSalle Property Fund said: “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.”
Matt Bogovich, Vice President of Transactions added: “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 | 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$88.8 billion of assets in private and public real estate equity and debt investments as of Q3 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 www.lasalle.com, and LinkedIn.
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