LaSalle Completes Joint Venture Acquisition of Core Retail Development Site in Orlando
CHICAGO (May 02, 2017) – LaSalle Investment Management (“LaSalle”), announced that it has entered into a joint venture with O’Connor Capital Partners, who will act as the operating partner, to develop Vineland Pointe, a 456,000-square-foot shopping center located in Orlando, Florida. LaSalle entered into this venture through its U.S. core open-end real estate fund, LaSalle Property Fund (LPF).
Vineland Pointe will be a three-phase development featuring a complementary mix of value-oriented retail, entertainment and lifestyle components that appeal to modern consumer preferences. The center is experiencing strong pre-leasing momentum, with commitments from several national tenants, including Alamo Theater, Burlington Coat Factory, Marshalls, Ross Dress for Less and Shake Shack. The initial phase of the project is scheduled to commence construction in June, 2017 and open in the summer of 2018.
Jim Garvey, Portfolio Manager for LaSalle Property Fund, commented: “We are pleased to be working with O’Connor Capital Partners on this exciting development. This investment is consistent with our Fund’s objective to invest in high quality retail properties with exceptional locations. We look forward to adding this unique and attractive build-to-core retail asset to our portfolio.”
O’Connor Capital Partners has significant retail development experience and ownership exposure throughout Florida, with more than 10 million square feet of assets across the state, including high-quality shopping centers in the Orlando MSA such as The LOOP, LOOP West and The Crosslands.
David Craine, Managing Director of Acquisitions at LaSalle, commented: “Vineland Pointe is exceptionally-positioned within a thriving retail corridor, and benefits from its proximity to the most prolific tourist destination in the country. We are pleased with the project’s strong tenant demand from category-leading retailers, and are confident in our partner’s ability to drive strong asset-level performance.”
About LaSalle Property Fund
LaSalle Property Fund invests in and manages a diversified portfolio of high quality, stabilized real estate and real estate-related assets in the industrial, multifamily, office and retail sectors in top markets across United States. Drawing from LaSalle Investment Management, Inc.’s 35-year track record of core real estate investment on behalf of sophisticated institutional investors, LaSalle Property Fund aims to provide attractive risk-adjusted income returns with the potential for superior long-term capital growth through a proven investment process and platform that leverages LaSalle’s industry-leading market research. There can be no guarantee that Fund objectives will be achieved. Past performance is no guarantee of future results.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers with approximately $58 billion of private and public equity and private debt investments under management of all LaSalle Investment Management affiliates. LaSalle Investment Management’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle Investment Management affiliates sponsor a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management affiliates are wholly-owned, operationally independent subsidiaries of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
About O’Connor Capital Partners
Founded in 1983, O’Connor Capital Partners is an institutional real estate investment, management, and development firm based in New York City and run by CEO Bill O’Connor. The firm pursues acquisitions, developments and residential conversions on behalf of its institutional funds, separate accounts, and own account. O’Connor primarily targets retail and residential opportunities throughout the United States and Mexico. Since inception, O’Connor has acquired or developed over $30 billion of property, including over 55 million square feet of retail space and over 30,000 residential units globally.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy any interests in any product offered by LaSalle Investment Management, Inc., or for the advisory services of LaSalle Investment Management, Inc., 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 by means of a private placement memorandum. Securities offered by LaSalle Investment Management Distributors, LLC, member FINRA/SIPC.