Clarion Partners Real Estate Income Fund (CPREIF) has entered into a joint venture with Metropolitan Realty Associates for the acquisition of a 304,249-square-foot industrial property near Hartford, Conn.
Clarion Partners, a U.S. real estate investment manager, is one of Franklin Templeton’s specialist investment managers.
The industrial property at 456 Sullivan Ave. in South Windsor, Conn., is fully occupied by a large, established transportation company with a remaining lease term of nearly 10 years. The property features 31-foot, six-inch clear heights, 99 dock doors, 42-foot by 48-foot column spacing, and ample parking, with 72 trailer spaces, 75 long-trailer spaces and 344 car parking spaces.
Located along the Interstate 84/Interstate 91 corridor about 12 miles north of the state capital, the property is strategically situated in a regional distribution market that allows the tenant to provide deliveries to 11.5 million people within about two hours; Prov