NEW YORK CITY — A fund backed by New York City-based Clarion Partners has provided an undisclosed amount of financing for a national portfolio of eight industrial outdoor storage (IOS) properties totaling 2.3 million square feet. Eastdil Secured arranged the debt and acted as an advisor on the deal.
The debt is a first mortgage loan for the refinancing of the national portfolio, and the borrower is a partnership between Outour Storage Investments and affiliates of Cerberus Capital Management. The portfolio encompasses properties in Chicago, Phoenix, Las Vegas, Houston, California’s Inland Empire, Dallas-Fort Worth and Atlanta with an aggregate size in excess of 50 acres.
The Clarion fund also acquired a 7.6-acre IOS facility at 15550 Export Plaza Drive in Houston. The Houston property was recently upgraded, includes a 24,000-square-foot structure and was fully leased at the time of sale to a waste management services company.
“This portfolio is a relatively rare assembly of IOS properties with best-in-class specifications, terrific market locations and a strong roster of national and regional credit tenants,” says Brent Jenkins, portfolio manager at Clarion Partners. “This financing provides an ideal opportunity to expose our investors to this high-demand subsector within the larger industrial and logistics sector.”
Outour Storage Investments is a Miami-based real estate investment and development company that specializes in providing solutions for heavy industrial and IOS uses in major markets across the United States.
Cerberus Capital Management is a global leader in alternative investing with approximately $65 billion in assets under management across complementary credit, real estate and private equity strategies.
As of year-end 2024, Clarion Partners had $72.5 billion in assets under management that comprised both real estate and debt strategies, including 248 million square feet of industrial space.
— Taylor Williams