LaSalle acquires Class-A industrial asset in Phoenix

CHICAGO (January 11, 2024) – LaSalle Investment Management (LaSalle) has closed on the acquisition of Canal Crossing Logistics Center, a core industrial warehouse located in Phoenix, AZ. The acquisition was made on behalf of the firm’s U.S. core open-ended fund LaSalle Property Fund (LPF).

The property is 100% leased to a leading provider of alternative aftermarket, specialty salvage and recycled auto parts to repair and accessorize vehicles. The tenant is a wholly owned subsidiary of LKQ Corporation (Nasdaq: LKQ), which has operations in North America, Europe and Taiwan. The property is centrally located in the Sky Harbor Airport submarket, offering immediate access to major transportation corridors and connectivity to the Phoenix metropolitan area. Built in 2015, the property features a highly functional site plan with Class A building specifications.

Jim Garvey, President and Portfolio Manager, LaSalle Property Fund said: “This acquisition is a great fit for our portfolio and reflects our strategy to increase the Fund’s industrial allocation through investment in infill submarkets within high-growth metropolitan markets.”

Matt Bogovich, Vice President of Transactions added: “We are pleased to have acquired such a high-quality industrial asset in a strategic infill submarket of Phoenix. The Airport Submarket is the most established industrial cluster in the MSA, and this asset stands out given its newer construction and modern features.”

About LaSalle Property Fund

LaSalle Property Fund invests in and manages a portfolio of diversified high-quality core real estate assets in major markets across the US in the industrial, multifamily, office, retail and niche sectors. Since its inception in 2010, LaSalle Property Fund has focused on creating and managing a portfolio with an emphasis on property types with strong growth potential and lesser risk of disruption from secular changes. The Fund’s assets are diversified across major and niche property sectors in major American markets, aiming to provide reliable returns.

About LaSalle Investment Management | Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages over $89 billion of assets in private and public real estate property and debt investments as of Q3 2023. 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.

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