LaSalle Completes Retail Acquisition of Greenway Commons in Houston
CHICAGO (December 22, 2017) – LaSalle Investment Management (“LaSalle”) announced the acquisition of Greenway Commons, a premiere Costco-anchored, regional shopping center located at 3830 Richmond Avenue in Houston. LaSalle purchased this retail property on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund (“LPF”).
Greenway Commons is located in the Inner Loop of Houston, a retail submarket with immediate proximity to some of Houston’s most affluent communities, which are highly regarded for their strong public and private school systems, cultural amenities and proximity to major interstates and commercial business districts. The property, which was constructed in 2008 and well-maintained under institutional ownership, is fully leased to a diverse mix of restaurant, medical and service-oriented retailers. LA Fitness occupies the second floor space above Costco with its LA Fitness Signature Club. L.A. Fitness has approximately 20 facilities in the Houston MSA and this is one of only two Signature Clubs in the Houston market. Additional tenants include Iberia Bank, Buffalo Wild Wings and Panda Express.
Jim Garvey, Portfolio Manager for LaSalle Property Fund, commented: “Greenway Commons is an excellent fit for our portfolio, enabling us to increase our exposure to high-quality grocery and service-based centers in top retail markets. This property offers an attractive and durable income stream, which is consistent with the Fund’s investment objective.”
David Schreiber Managing Director of Acquisitions at LaSalle, added: “This property fits well with LaSalle’s strategic acquisition focus on grocery-anchored and necessity-oriented shopping centers in urban, infill corridors with strong track records and growth potential. Complementing the high-quality center and tenancy, Houston retail fundamentals remain resilient with robust demand and low vacancy in the Greenway Commons trade area due to its exceptional demographics, daytime work population and strong supply barriers.”
About LaSalle Property Fund
LPF 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 the United States. Drawing from LaSalle Investment Management, Inc.’s 35-year track record of core real estate investment on behalf of sophisticated institutional investors, LPF aims to provide attractive risk-adjusted income returns with the potential for superior long-term capital growth through an investment process and platform that leverages LaSalle’s industry-leading market research.
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.
NOTE: This information 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 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.