Property Fully Occupied by Blue Chip Transportation Company
SAN MATEO (February 24, 2021) Clarion Partners Real Estate Income Fund Inc. (CPREIF) has entered into a joint venture with Metropolitan Realty Associates for the acquisition of a 304,249-square-foot industrial property near Hartford, CT. Clarion Partners, LLC ("Clarion Partners"), a leading 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, CT is fully occupied by a large, established transportation company with a remaining lease term of nearly 10 years. The property features 31'6'' clear heights, 99 dock doors, 42' x 48' 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; Providence, R.I. is 68 miles away, Boston is 97 miles and New York City is 132 miles.
"The continued acceleration of e-commerce is driving changes not only to the retail landscape but to worldwide supply chains and logistics real estate," said Onay Payne, Managing Director of Clarion Partners and Portfolio Manager of CPREIF. "As such, from an investment perspective, we expect this property to provide stable long-term cash flows."
New York-based Metropolitan Realty Associates is a fully integrated real estate investment and development company led by founder and CEO Joseph A. Farkas.
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CPREIF is a non-diversified, closed-end management investment company that continuously offers its common stock. The fund's investment manager, Legg Mason Partners Fund Advisor, LLC is an indirect, wholly owned subsidiary of Franklin Resources, Inc. (“Franklin Resources") and the fund's investment sub-adviser, Clarion Partners, is an indirect, majority-owned subsidiary of Franklin Resources. In addition, the fund's securities sub-adviser, Western Asset Management, also is an indirect wholly owned subsidiary of Franklin Resources. Hard copies of the fund's complete audited financial statements are available free of charge upon request.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 38 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With more than $55 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 400 domestic and international institutional investors.
About Franklin Templeton
Franklin Resources [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, alternatives and custom multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and approximately $1.5 trillion in assets under management as of January 31, 2021. For more information, please visit
franklintempleton.com and follow us on