LaSalle Investment Management disposes Galeries Richelieu in Saint-Jean-sur-Richelieu, Quebec
27 June 2014 - LaSalle Investment Management, a leading global real estate investment manager, today announced the disposition of the Galeries Richelieu retail complex to BTB REIT.
Galeries Richelieu is a grocery-anchored retail centre, located in the city of Saint-Jean-sur-Richelieu, Quebec, Canada. With a footprint of 227,161 square feet, the complex is accessible from local Highway 104/35, and contains a high concentration of national and regional retail tenants, including grocery, pharmacy, electronics, general merchandise as well as a medical clinic. It is occupied by a total of 9 tenants, representing an occupancy rate of 97 per cent.
LaSalle Investment Management acquired the property in 2007. Over a seven year period the firm achieved strategic goals with respect to the asset through the lease-up of vacant space and the extension of the lease terms for existing tenants. Today the property is a core-plus asset, with strong and stable lease agreements in place.
“Having achieved our key leasing goals with this asset, the decision to dispose was driven by strong market demand for stable, well-leased retail properties, which currently outpace supply in this market,” said Chris Langstaff, Senior Vice President at LaSalle Investment Management Canada. “Retail continues to be the top performing property type within the REALpac/IPD Canada Quarterly Property Index.”
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL) and advisor to Jones Lang LaSalle Income Property Trust, was recently ranked among the top 5 mid-sized companies in Pension & Investments magazine’s 25 Best Places to Work in the U.S. list for 2013.
For more information about LaSalle Investment Management, please visit www.lasalle.com.