LaSalle Investment Management has acquired a defaulted shopping center in Geneva for less than its seller paid for it eight years ago, a reminder that many suburban retail properties are still worth less than they were before the crash.
LaSalle, the investment unit of Chicago-based Jones Lang LaSalle Inc., recently paid around $120 million for Geneva Commons, a 438,000-square-foot property near Randall and Bircher roads, said people familiar with the transaction.
That’s less than the $127.3 million that two partnerships advised by Atlanta-based Invesco Ltd. paid for the property back in 2005, according to the Kane County Recorder of Deeds.
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Read more in Crain’s Chicago Business.
