Wednesday, January 2, 2013

Clarion Sells Interest in Naple's Waterside for $155M

Clarion Partners announced today that it had sold a 50% interest in Waterside Shops on behalf of the Oregon Public Employees Retirement Fund (OPERF) for approximately $155 million, less assumed debt. Last month, Taubman Centers announced that it had entered into an agreement to acquire the interest from OPERF, with the remaining interests owned by an affiliate of The Forbes Company.

OPERF held an ownership in Waterside Shops since 1994 and noted that "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." Eastdil Secured acted as advisors to Clarion in the sale.

"We are delighted to build upon our successful partnership with Forbes by increasing our ownership in Waterside," said Robert Taubman, chairman, president and chief executive officer of Taubman Centers. "This highly productive, luxury oriented center complements our portfolio."

Opened in 1992, Waterside Shops is a luxury retail destination on Tamiami Trail in Naples, Florida that was completely redeveloped in 2006 by The Forbes Company. In addition to structural renovations and facade improvements, 30,000 tropical plants and flowering shrubs were planted, as was the Royal Palm promenade. Also added were fountains, walkways, and a 550-foot long, hand-laid rock wall punctuated with special water features cascading into a reflection pool. The fully-leased, 370,510 square-foot property is anchored by Saks Fifth Avenue and Nordstrom, with luxury retailers Gucci, Louis Vuitton, Hermes, Burberry, Cartier, Tiffany, DeBeers and Van Cleef & Arpels as well as Apple among the high-profile tenants.

For more news and information visit Blumberg Capital Partners.

Waterside Shops Naples

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