LaSalle Investment Management and Link Logistics have each acquired a last-mile industrial building in the US from Bixby Land Company.
LaSalle’s open-ended core fund LaSalle Property Fund has bought the 155,144sqft Canal Crossing building in Phoenix leased to a single tenant and Link Logistics has acquired the 336,038 multi-let Riverside @ 51st building also in Phoenix.
Jim Garvey, president and portfolio manager for the 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.”
The LaSalle Property Fund had a net asset value of $6.5bn as of the end of September last year.
JR Cisneros, vice president of investments for Link Logistics, said: “Link Logistics is pleased to add Riverside @ 51st to our Phoenix portfolio aligning with our investment philosophy on acquiring high-quality, infill logistics real estate in top-tier markets.”
Bixby Land Company did not respond to a request for comment.
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