Clarion Partners has completed the sale of its interest in a high-end shopping centre in Florida on behalf of the Oregon Public Employees Retirement Fund (OPERF).
According to a statement from the New York-based real estate investment manager, Clarion has sold its 50 percent stake in Waterside Shops in Naples, Florida for approximately $155 million, less assumed debt. The buyer was Clarion’s partner in the asset—a joint venture between Taubman and Forbes Company. Eastdil Secured advised Clarion on the sale.
Waterside Shops is an open-air mall located in the Pelican Bay area of Naples. The 370,510-square-foot property is fully leased to such high-end retailers as Saks Fifth Avenue, Nordstrom, Gucci, Louis Vuitton, Burberry, Tiffany, DeBeers and Apple. OPERF has held an ownership interest in the property since 1994.
Steve Latimer, portfolio manager for the OPERF relationship at Clarion, said in a statement that “the portfolio Clarion manages for OPERF is now focusing exclusively on office opportunities.” He noted that the capital generated from this sale “will be reinvested in core office properties.”
Clarion has been an active buyer for OPERF over the past year, investing in office properties in Boston, Houston and San Francisco with a gross value in excess of $400 million.