Chicago-headquartered LaSalle Investment Management has acquired Tempe Commerce Park, a five-building industrial complex totaling 536,122 square feet in Tempe, Arizona.
The 36.79-acre property features 24-foot clear heights, dock-high and grade-level doors, and ample parking. The complex is 92% leased to eight tenants including McKesson, Genuine Cable Group and Rivian.
The acquisition was made on behalf of LaSalle Property Fund, the firm’s US core open-ended fund. The financial aspects of the transaction were not disclosed.
“This acquisition aligns with our strategy to increase the Fund’s industrial allocation in high-growth metropolitan markets,” said Jim Garvey, president and portfolio manager at LaSalle Property Fund. “Tempe Commerce Park is an excellent addition to our portfolio, offering exposure to a prime infill submarket.”
