**Clarion Partners Fund Enters Industrial Outdoor Storage Sector with First Mortgage and Property Acquisition**
Clarion Partners Real Estate Income Fund Inc. (CPREX) has made a strategic move into the industrial outdoor storage (IOS) sector. The fund has invested in a portfolio of eight IOS properties across multiple cities and completed the acquisition of a site in Houston.
CPREX provided a first mortgage loan to a joint venture between Outour Storage Investments and affiliates of Cerberus Capital Management. The loan supports a portfolio spanning 2.3 million square feet across seven major metropolitan statistical areas: Chicago, Phoenix, Las Vegas, Houston, the Inland Empire, Dallas/Fort Worth, and Atlanta. Eastdil Secured acted as the financial advisor for the transaction.
“This portfolio is a relatively rare assembly of IOS properties with best-in-class specifications, terrific market locations, and a strong roster of national and regional credit tenants,” said Brent Jenkins, portfolio manager at Clarion Partners. “This financing provides an ideal opportunity to expose our investors to this high-demand subsector within the larger industrial and logistics sector.”
In addition to the financing deal, CPREX acquired a 7.59-acre IOS property located at 15550 Export Plaza Drive in Houston. The site is fully leased to a leading North American waste services company under a long-term lease with approximately seven years remaining. Financial terms of the acquisition were not disclosed.
