San Mateo, CA – March 9, 2022 – Clarion Partners Real Estate Income Fund Inc. (CPREIF) has strategically expanded its property portfolio with the acquisition of The Sheds on Charlotte, a 100% leased, 85,032 square foot six-building office and retail campus in Nashville, TN. Clarion Partners, LLC (“Clarion Partners"), a leading U.S. real estate investment manager, is one of Franklin Templeton's specialist investment managers.
The Sheds on Charlotte is located in Nashville's Midtown/West End neighborhood along Charlotte Avenue, a major east-west corridor with high visibility and easy access to downtown Nashville, I-440, I-40 and affluent neighborhoods to the west. The property is situated across the street from Nashville's major medical corridor, which includes HCA Healthcare's headquarters as well as Ascension Saint Thomas Hospital, TriStar Centennial Medical Center and several other hospitals. The site is also proximate to Vanderbilt University, Music Row and the upscale neighborhood known as The Gulch.
Most of the buildings in The Sheds on Charlotte complex feature high-bay ceilings, skylights, exposed steel beams up to 20' and exterior courtyards. The two office tenants are ForceX, a subsidiary of defense contractor L3Harris, and entertainment business management firm Flood, Bumstead, McCready & McCarthy, Inc. (FBMM). The 2,000 square foot retail pad is leased to Starbucks and features both dine-in and drive-through access.
“This is an ideal opportunity to purchase a property with high-quality tenants in a strong, fast-growing market," said CPREIF Portfolio Manager Janet Souk. “This property is located in an optimal area of Nashville and features unique external character. As we continue to grow the fund's property holdings, we will focus on identifying and acquiring similar properties to deliver for CPREIF's investors as we have done since it launched in 2019."
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CPREIF offers individual investors direct access to a portfolio of privately-held, income-producing commercial real estate properties through an innovative investment fund driven by Clarion's deep real estate expertise. 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. More information about CPREIF is available at CPREIF.com.
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 39 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $71 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 500 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 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 offers boutique specialization on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and over $1.5 trillion in assets under management as of January 31, 2022. For more information, please visit franklinresources.com and follow us on LinkedIn, Twitter and Facebook.