NEW YORK CITY—Clarion Partners has acquired an 11-property portfolio of Class A retail centers spread across five states for nearly $219 million.
The seller was Loja Group and the deal was brokered by Eastdil Secured, according to an industry research site.
The grocery-anchored centers are both single-tenant and multi-tenant properties, a majority of which are leased to top-tier grocers including Trader Joe's, Whole Foods, Mariano's and Sprouts. With a total square footage of 526,975 square feet, the portfolio is 99% leased on an aggregate basis.
Clarion made the acquisition on behalf of a commingled fund and a separate account, both managed by the firm.
The properties are considered well-located in what are said to be strong, supply-constrained markets with high barriers to entry the following locations. They include Santa Barbara, CA, Greenwood Village, CO, Tampa, FL, Chicago, IL, Evanston, IL, Libertyville, IL, Park Ridge, IL and Woodbury, MN.
The locations predominantly are infill and/or urban' characterized by high population densities, robust demographics and strong income levels.
“These assets are an outstanding addition to our national retail portfolio,” observes Dean Rostovsky, a director at Clarion Partners and one of the leaders of the national acquisition team. “Opportunities to purchase centers with such strong grocery anchors are relatively infrequent, and high quality, well-located grocery stores are in high demand.”
He continues, “These types of assets tend to perform well throughout investment and real estate cycles.”
The seller was Loja Group and the deal was brokered by Eastdil Secured, according to an industry research site.
The grocery-anchored centers are both single-tenant and multi-tenant properties, a majority of which are leased to top-tier grocers including Trader Joe's, Whole Foods, Mariano's and Sprouts. With a total square footage of 526,975 square feet, the portfolio is 99% leased on an aggregate basis.
Clarion made the acquisition on behalf of a commingled fund and a separate account, both managed by the firm.
The properties are considered well-located in what are said to be strong, supply-constrained markets with high barriers to entry the following locations. They include Santa Barbara, CA, Greenwood Village, CO, Tampa, FL, Chicago, IL, Evanston, IL, Libertyville, IL, Park Ridge, IL and Woodbury, MN.
The locations predominantly are infill and/or urban' characterized by high population densities, robust demographics and strong income levels.
“These assets are an outstanding addition to our national retail portfolio,” observes Dean Rostovsky, a director at Clarion Partners and one of the leaders of the national acquisition team. “Opportunities to purchase centers with such strong grocery anchors are relatively infrequent, and high quality, well-located grocery stores are in high demand.”
He continues, “These types of assets tend to perform well throughout investment and real estate cycles.”
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