CHICAGO—LaSalle Investment Management said Thursday that Joe Munoz had been appointed CIO of LaSalle Income & Growth Funds, its flagship US value-add fund series. Munoz has been an investment officer on Funds V through VII in the series; for future funds, he'll serve as president & CIO, with primary responsibility for all aspects of strategy and day-to-day operations.
Jim Hutchinson, who founded the fund series, will remain president of Funds I through VII, and has taken on the role of chairman of the series. Hutchinson will remain with LaSalle through 2020 to ensure a seamless transition as the series progresses, the company said Thursday.
Munoz has been part of the Income & Growth Funds team since 2007. Prior to joining the fund series, he was a member of LaSalle's acquisitions group. Since joining LaSalle in 2004, he has completed more than $5 billion in transactions across all major property types spanning a wide range of the risk spectrum.
“Given the growth and success we have achieved since the inception of the Income & Growth series more than 20 years ago, it is very important that the series is well-positioned for long-term stability and continued success,” Hutchinson says. “Joe has been a great contributor to the positive momentum and performance since he joined the Fund team 10 years ago, and I am confident he is well-equipped to help drive growth and performance going forward.”
The Income & Growth Funds seek to acquire under-managed, under-capitalized or mispriced assets to be repositioned as core assets. Since launching in 1996, the funds have made a total of $2.8 billion in capital commitments, with more than $5.8 billion invested in over 98 property investments across all the funds in the series.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
