Franklin Templeton and its specialist investment manager, Clarion Partners, have announced Clarion Partners Real Estate Income Fund’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, approximately 50-plus acres, across seven metropolitan statistical areas, including Atlanta, Chicago, Dallas/Fort Worth, Houston, Inland Empire (Calif.), Las Vegas and Phoenix. Eastdil Secured served as the adviser on the transaction.