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Clarion Completes $155M Disposition of Waterside Shops

Manager Sells 50% Stake in Retail Center on Behalf of OPERF
January 2, 2013
Clarion Partners LLC, a leading real estate investment manager working on behalf of the Oregon Public Employees Retirement Fund (OPERF), has divested the fund's 50-percent interest in Waterside Shops, a luxury retail center located at 5355-5555 Tamiami Trl. N in Naples, FL, for $155 million, valuing the center at $922 per square foot, less assumed debt.

Waterside Shops, built in 1992, is an open-air mall located in the Pelican Bay / North Naples area of Southwest Florida. The fully-leased, 370,510-square-foot property is the dominant retail center in the area, and is anchored by Saks Fifth Avenue and Nordstrom, along with luxury retailers Gucci, Louis Vuitton, Burberry, Cartier, Tiffany, DeBeers and Apple.

"It is with some degree of sadness that we have sold Waterside Shops," said Steve Latimer, Clarion Partners’ portfolio manager for the OPERF relationship. "It has been a strong performer in the portfolio for a long time. However, the portfolio Clarion Partners manages for OPERF is now focusing exclusively on office opportunities. The capital generated from this sale will be reinvested in core office properties."

OPERF has held an ownership interest at the property since 1994. The fund has been a Clarion Partners client since that date, and the pair has had an active 2012, investing in office properties in Boston, Houston and San Francisco to the tune of $400 million in gross value.

Taubman Centers, Inc. and The Forbes Company acquired OPERF's stake in the Waterside Shops, each increasing their interest from 25 to 50 percent. The Forbes Company will continue to handle leasing at the center.

Christopher Hoffmann with Eastdil Secured LLC represented Clarion Partners in the sale.

Please see CoStar COMPS #2626948 for additional information on this transaction.
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