LaSalle made the investment on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund.

Also part of the 1031 exchange are the soon to-be-completed sales of the Chase at Overlook Ridge and the Alterra at Overlook Ridge in Boston.

Hunt Real Estate Capital provided the Fannie Mae financing for the property at 2550 Citrus Tower Blvd.

James McDonald of Hercules Investments is not one of the investors predicting a recession in the next 12 months.