Clarion Partners Fund Enters IOS Sector with First Mortgage, Acquisition

Clarion Partners Real Estate Income Fund Inc. (CPREX) has entered 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. The fund is providing a first mortgage loan to a joint venture of Outour Storage Investments and affiliates of Cerberus Capital Management for a portfolio of eight IOS properties spanning 2.3 million square feet across seven MSAs including Chicago, Phoenix, Las Vegas, Houston, Inland Empire, Dallas / Fort Worth and Atlanta. Eastdil Secured served as the 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 Clarion Partners portfolio manager Brent Jenkins. “This financing provides an ideal opportunity to expose our investors to this high-demand subsector within the larger industrial and logistics sector.”

Additionally, CPREX acquired a 7.59-acre IOS site located at 15550 Export Plaza Dr. in Houston and 100% leased to a leading North American waste services company for approximately seven years. Terms were not disclosed.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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