SAN MATEO, Calif.--(BUSINESS WIRE)--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.”
About Clarion Partners Real Estate Income Fund Inc. (CPREIF)
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.
Investment Risks
The Fund is recently organized, with a limited history of operations. An investment in the Fund involves a considerable amount of risk. The Fund is designed primarily for long-term investors, and an investment in the Fund should be considered illiquid. Shareholders may not be able to sell their shares in the Fund at all or at a favorable price. Fixed income securities involve interest rate, credit, inflation and reinvestment risks. As interest rates rise, the value of fixed income securities fall. High-yield bonds possess greater price volatility, illiquidity and possibility of default. The Fund’s investments are highly concentrated in real estate investments, and therefore will be subject to the risks typically associated with real estate, including but not limited to local, state, national or international economic conditions; including market disruptions caused by regional concerns, political upheaval, sovereign debt crises and other factors. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. The Fund and/or its subsidiaries employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund’s investments decline in value. The Fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.
Liquidity Considerations
The Fund should be viewed as a long-term investment, as it is inherently illiquid and suitable only for investors who can bear the risks associated with the limited liquidity of the Fund. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no more than 5% of the Fund’s shares outstanding at net asset value. There is no guarantee these repurchases will occur as scheduled, or at all. Shares will not be listed on a public exchange, and no secondary market is expected to develop.
Before investing, carefully consider a Fund’s investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at www.leggmason.com. Please read it carefully.
All investments involve risk, including loss of principal. Past performance is no guarantee of future results.
The Fund is newly organized, with a limited history of operations. An investment in the Fund involves a considerable amount of risk. The Fund is designed primarily for long-term investors, and an investment in the Fund should be considered illiquid. Shareholders may not be able to sell their shares in the Fund at all or at a favorable price. Fixed income securities involve interest rate, credit, inflation and reinvestment risks. As interest rates rise, the values of fixed income securities fall. High-yield bonds possess greater price volatility, illiquidity and possibility of default. The Fund’s investments are highly concentrated in real estate investments, and therefore will be subject to the risks typically associated with real estate, including but not limited to local, state, national or international economic conditions; including market disruptions caused by regional concerns, political upheaval, sovereign debt crises and other factors. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. The Fund employs leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund’s investments decline in value. The Fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.
Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.
INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
©2022 Franklin Distributors, LLC, member FINRA, SIPC. Franklin Distributors, LLC, and Clarion Partners, LLC are all subsidiaries of Franklin Resources, Inc.
TN22-12
