Press Release / 142 Vine Avenue / Toronto / 2021

TAS Partners with LaSalle Canada Property Fund on Community Hub Portfolio


November 4, 2021

News & Stories

TAS and LaSalle Investment Management will transform underutilized urban warehouses across Toronto into sustainable community-serving hubs. 

Thursday, November 4, 2021 – Today, TAS announced the expansion of its urban value-add portfolio with the recent acquisitions of three urban commercial properties in Toronto by its TAS LP 3 fund. These acquisitions represent the first phase of a broader planned $120 million 50/50 joint venture partnership between TAS and LaSalle Investment Management’s flagship core real estate fund in Canada, LaSalle Canada Property Fund. 

The partnership will focus on the adaptive re-use, lease-up and stabilization of underutilized warehouse properties in Toronto neighbourhoods poised for growth. TAS will lead the transformation of these existing assets into dynamic community-serving hubs that will nurture a variety of commercial uses integrating social and functional needs. The properties will be designed to support a vibrant mix of tenants from across the service, production, logistics, small business, social enterprise and not-for-profit sectors.   

“This partnership expands TAS’ track-record of driving significant returns alongside broad positive impacts that make neighbourhoods better for people and the planet,” said Khan Tran, Chief Investment Officer, TAS. “Improving the energy efficiency and reducing the carbon footprint of existing buildings is significantly greener than demolition and new construction, and we’re proud to be taking a sustainability-first approach.” 

As a Future-Fit Pioneer and Certified B Corporation, TAS intends to leverage this portfolio to advance its Impact Framework objectives. The TAS team is currently exploring a series of related innovations, such as green and smart technologies, urban agriculture, affordable below-market tenancies, and new models that will help tenants build equity and participate in the value each property generates. 

TAS and LaSalle Canada Property Fund, LaSalle’s flagship core Canadian fund, expect to acquire between four and six Toronto properties as part of this value-add strategy. The initial acquisitions include: 142 Vine Avenue: a 19,000-square foot property in the heart of Toronto’s Junction neighbourhood; 55 Milne Avenue, a 130,000-square-foot warehouse in Scarborough; and 772 Warden Avenue, an 84,000 square foot warehouse in the emerging Golden Mile neighborhood. 

These acquisitions bring TAS’s portfolio to more than six million square feet across 18 properties throughout the Greater Toronto and Hamilton Area. 

John McKinlay, CEO of LaSalle Canada, said: “This is an exciting, unique and worthy acquisition for our core flagship LaSalle Canada Property Fund in that it embodies the application of LaSalle’s key ESG initiatives while simultaneously positioning LCPF for attractive investment returns based on our underwriting. We’re thrilled to partner with TAS, an experienced industry leader in this space, on this project to thoughtfully revive obsolete spaces, enhance neighborhoods and give communities spaces they can use for good.” 

“We are thrilled to partner with LaSalle, who bring a global perspective and expertise to the delivery of this portfolio,” said Mazyar Mortazavi, President & Chief Executive Officer, TAS. “We look forward to working together to create value, and ultimately improve the livability and sustainability of neighborhoods across Toronto.” 


TAS is an unconventional impact company that promotes connected neighbourhoods and, caring, committed communities. As a Certified B Corporation, TAS is an industry leader in impact development with an active pipeline and portfolio totaling more than six million square feet across 18 properties throughout the Greater Toronto and Hamilton Area. TAS focuses on tackling climate change, expanding affordability and equity, and building social capital to create neighbourhoods – and ultimately cities – where people can thrive and belong. TAS partners with investors to shape and amplify this vision. Join in by visiting and following our journey on LinkedInInstagram, and Twitter


TAS announced the closing of its third diversified real estate fund, TAS LP 3, in May 2021. TAS raised in excess of $100 million of equity commitments for this closed-end fund, which will be deployed to expand the firm’s existing Greater Toronto and Hamilton Area (GTHA) pipeline and deliver social and environmental impacts with and for communities through development and value-add projects. 


On an aggregate basis, LaSalle has executed more than C$7 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts. 


LCPF is an open-ended fund targeting core properties in major markets across Canada. The Fund is targeting commitments from Canadian and global institutional investors seeking access to the Canadian real estate market through a diversified, income-oriented vehicle. Launched in 2017, the Fund aims to provide investors with immediate exposure to a diverse and mature portfolio comprised of office, industrial, mixed-use, retail and multifamily assets.  Through its near-term pipeline of potential future investments, the Fund will seek to take advantage of mispriced assets as it continues to grow. 


LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $73 billion of assets in private and public real estate property and debt investments as of Q2 2021. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit, and LinkedIn.  

For further information: Camara Miller,