Franklin Templeton and its specialist investment manager, Clarion Partners, have announced Clarion Partners Real Estate Income Fund Inc.’s entry into the industrial outdoor storage (IOS) subsector via a debt investment in an eight-property multi-city portfolio and the purchase of an IOS property in Houston.
CPREX is a closed-end tender offer fund that provides individual investors with access to institutional-quality private real estate through stable, well-leased, cash flow-producing properties across multiple U.S. markets.
Clarion is providing a first mortgage loan to a joint venture between Outour Storage Investments and affiliates of Cerberus Capital Management for a portfolio of eight IOS properties spanning 2.3 million square feet (50-plus acres) across seven metropolitan statistical areas (MSAs), including Chicago, Phoenix, Las Vegas, Houston, Inland Empire (Calif.), Dallas/Fort Worth and Atlanta. Eastdil Secured served as the advisor on the transaction.
