LaSalle Property Fund Acquires Class A Boston Warehouse

CHICAGO (April 27, 2022) — LaSalle Investment Management (“LaSalle”) announced that its flagship core institutional real estate fund, LaSalle Property Fund (“LPF” or “the fund”), expanded its portfolio with the acquisition of Bellingham Distribution Center, a newly built, Class A industrial property in the Boston suburb of Bellingham, Massachusetts. The 345,000-square foot property delivered in 2021 and is fully leased to a single tenant.  LaSalle Investment Management (“LaSalle”) announced that its flagship core institutional real estate fund, LaSalle Property Fund (“LPF” or “the fund”), expanded its portfolio with the acquisition of Bellingham Distribution Center, a newly built, Class A industrial property in the Boston suburb of Bellingham, Massachusetts. The 345,000-square foot property delivered in 2021 and is fully leased to a single tenant. 

The investment allows LPF to strategically increase its industrial exposure through the acquisition of a core property in a market with very attractive near term and long-term industrial fundamentals. As of the end of first quarter 2022, the fund’s gross asset value was $8.2 billion.

Jim Garvey, President of LaSalle Property Fund, said: “This was a compelling acquisition for us on several fronts as it not only provided the opportunity to meaningfully increase our industrial allocation, but to do so in a premier industrial market with high-barriers to entry and no competitive new stock of this size coming to market in the short-term. Our focus remains on providing long-term, stable value for our investors, and we believe greater exposure to the industrial sector will allow the LaSalle Property Fund to continue to generate  outperformance.”

Rob Turcott, LaSalle Acquisitions Officer, added: “The tailwinds of the industrial sector remain in place and are underpinned by strong operating fundamentals that should point to continued rent growth, increasing net operating income, and, ultimately, long-term asset appreciation that fits well with LaSalle Property Fund’s portfolio strategy. Bellingham Distribution Center benefits from a strategic location, modern Class A warehouse features, and long-term in-place tenancy to drive stable cashflow.”

Bellingham Distribution Center  is located in the 495 South industrial submarket, which is Boston’s largest at 66.5 million square feet. The submarket has shown exceptional fundamentals with greater than 3 million square feet of absorption in calendar year 2021, and a vacancy rate just above 1 percent. The property’s strategic location just off of Interstate 495 and just south of Interstate 90 allows for efficient distribution logistics to service Boston and the greater New England region. The property features best-in-class modern industrial construction, including 36-foot clear heights, 70 fully equipped docks, 50 trailer storage spaces, ESFR sprinklers and LED lighting – a rare combination in Boston’s aging industrial stock. 

About LaSalle Investment Management 
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit 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.

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