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Deals & Dealmakers

Clarion Partners acquires retail portfolio for $218.8M

Clarion Partners, areal estate investment manager, announced the acquisition of an 11-property portfolio of Class A retail centers located in five states across the U.S.

The acquisition price was $218.8 million.

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 s/f, the portfolio is 99 percent leased on an aggregate basis. Clarion Partners made the acquisition on behalf of a commingled fund and a separate account, both managed by the firm.

The properties are located in strong, supply-constrained markets with high barriers to entry. Locations are predominantly 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,” said 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. These types of assets tend to perform well throughout investment and real estate cycles.”

California-based Loja Real Estate was the seller of the single-tenant, net-leased grocery stores located in Chicago, Florida, Minnesota and California, and a multi-tenant, grocery-anchored shopping center located in Denver, Colorado.

The sale fits with Loja’s long-term portfolio strategy. “Loja looks to seize opportunity when it presents itself, on both the buy side and the sell side,ˮsaid Katherine Burr, Executive Chairwoman of Loja Real Estate.

“With uncertainties around the election and given commercial property valuations, we felt it was a good time to move some properties.”

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