SAN MATEO, Calif.–(BUSINESS WIRE)–Clarion Partners Real Estate Income Fund Inc. (CPREIF) has provided a $14 million mezzanine loan to commercial real estate investment and development firm SomeraRoad to refinance a space in downtown Memphis, TN that’s 100% leased to a global logistics leader. Clarion expects the 193,000 square foot class A creative office building to continue providing stable cash flow from a Fortune 100 investment-grade tenant, which has been headquartered in the Memphis market for over 47 years.
Clarion Partners, LLC (“Clarion Partners”), a leading U.S. real estate investment manager, is one of Franklin Templeton’s specialist investment managers.
Formerly home to a Gibson USA guitar production facility, the property is located in the heart of Memphis’ Beale Street Entertainment District. The property underwent a $50+ million renovation that was completed in early 2021 in a build-to-suit arrangement. It was subsequently leased to the tenant on a long-term basis in order to offer employees greater access to Memphis’ lively live-work-play downtown amenities including retail, restaurants and entertainment venues. Employees have recently started occupying the space as COVID restrictions have eased.
“Memphis serves as a prominent transportation and logistics hub, with the Memphis International Airport ranking as the second-busiest cargo hub in the world,” said Clarion Partners Managing Director Rick Schaupp. “The newly…
