**Clarion Partners Fund Enters Industrial Outdoor Storage Sector with Strategic Investments**
Clarion Partners Real Estate Income Fund Inc. (CPREX) has entered the industrial outdoor storage (IOS) sector with two significant investments: a debt investment in a multi-property portfolio and the acquisition of a Houston-based IOS property.
The fund provided a first mortgage loan to a joint venture formed by Outour Storage Investments and affiliates of Cerberus Capital Management. The financed portfolio includes eight IOS properties totaling 2.3 million square feet across seven major metropolitan areas—Chicago, Phoenix, Las Vegas, Houston, the Inland Empire, Dallas/Fort Worth, and Atlanta. Eastdil Secured acted as the transaction advisor.
“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 debt investment, CPREX has acquired a 7.59-acre IOS site located at 15550 Export Plaza Drive in Houston. The property is fully leased to a leading North American waste services company under a lease term of approximately seven years. Financial terms of the deal were not disclosed.
These moves mark CPREX’s strategic entry into the growing IOS segment, reflecting investor demand for diversified exposure within the industrial real estate sector.
