Clarion Partners has acquired a retail property portfolio spread across five US states for $219m (β¬206m).
The grocery-anchored retail centres were bought for an unnamed fund and a separate account.
said the 526,975sqft portfolio was 99% leased and included a combination of single-tenant and multi-tenant properties.
The majority are leased to top-tier grocers, including Trader Joeβs, Whole Foods, Marianoβs and Sprouts.
The properties are located in βstrong, supply-constrained markets with high barriers to entryβ, Clarion said.
βLocations are predominantly infill and/or urban, characterised by high population densities, robust demographics and strong income levels.β
Dean Rostovsky, director at Clarion Partners and one of the leaders of the national acquisition team, said: βThese assets are an outstanding addition to our national retail portfolio.
βOpportunities to purchase centres with such strong grocery anchors are relatively infrequent, and high quality, well-located grocery stores are in high demand.
βThese types of assets tend to perform well throughout investment and real estate cycles.β
