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.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $67.6 billion of assets in private and public real estate property and debt investments as of Q3 2019. 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 http://www.lasalle.com, and LinkedIn.
NOTE: This information discussed above 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 or applicable offering document 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.