LaSalle Property Fund (LPF), the flagship core institutional real estate fund managed by LaSalle Investment Management, has expanded its portfolio with the acquisition of Bellingham Distribution Center, a newly built, class A industrial property in the Boston suburb of Bellingham, Mass.
The 345,000-square-foot property delivered in 2021 and is fully leased to a single tenant.
The investment allows LPF to increase its industrial exposure strategically through the acquisition of a core property in a market it believes to have 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.
“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 sho
