L
aSalle Investment Management (‘LaSalle’), the leading global real estate investment manager, revealed today it is targeting approximately $2 billion of property investment in 2011. LaSalle also expects 2011 to be an active year for recapitalizing high quality commercial and multi-family assets, and is well positioned to take part in that process in addition to outright acquisitions. The firm says it is looking to expand its real estate holdings in select key markets where it sees growth opportunities, including Los Angeles metropolitan area.
Jim Garvey, Managing Director, LaSalle, comments: “There are a number of high quality assets which are owned by strong operators that are in need of an infusion of equity. We believe the stabilization of the commercial real estate market which took place in 2010 has brought more certainty to valuations. That stabilization should make 2011 a good year for current owners to recapitalize projects, and we will be active in that space.”
LaSalle’s most recent investments in the LA metro area are The Canvas, a 204-unit apartment complex in downtown Los Angeles and South Bay Square, a 117,000 square feet retail development currently under construction in Redondo Beach and scheduled to open in 2011, featuring Nordstrom Rack, Sprouts, and Total Wine as anchor tenants. The Redondo Beach shopping center is one of the few retail developments underway in LA county. In addition to these holdings, LaSalle’s ownership interests in the great Los Angeles market include more than 3.0 million square feet of office, industrial and retail properties.
