Clarion Partners LLC completed the disposition of a 50 percent interest in Waterside Shops, a 370,510-sq.-ft. luxury retail property in Naples, Fla., on behalf of Oregon Public Employees Retirement Fund (OPERF) for approximately $155 million, less assumed debt.
The property is fully leased. Saks Fifth Avenue and Nordstrom anchor the asset. Other tenants include Gucci, Louis Vuitton, Hermes, Burberry, Cartier, Tiffany, DeBeers, Van Cleef & Arpels and Apple. OPERF has held an ownership stake in the center since 1994.
“It is with some degree of sadness that we have sold Waterside Shops,” said Steve Latimer, Clarion Partners’ portfolio manager for the OPERF relationship, in a statement. “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.”
Eastdil Secured advised Clarion Partners on the sale.