SAN MATEO, California – (BUSINESS WIRE) – Clarion Partners Real Estate Income Fund Inc. (CPREIF) has acquired a 58,935 square foot biopharmaceutical facility on more than three acres at 55 Messina Drive in Braintree, MA. Clarion Partners, LLC (“Clarion Partners”), a leading US real estate investment manager, is one of Franklin Templeton’s specialist investment managers.
The property, which includes six wet laboratories, temperature-controlled rooms, a new water filtration system, and 18.5-inch ceiling heights, is a GMP (Life Science Good Manufacturing Practices) facility and is owned 100% by Zimmer Biomet, a global leader in locomotive apparatus, rents health care.
“This is a great opportunity to acquire a strategically located property with an established tenant in this hot industrial sub-market,” said Onay Payne, Managing Director of Clarion Partners. “22 of the 25 largest biopharmaceutical companies are located in the greater Boston area, and Braintree, where this property is located, is part of the world’s largest cluster of life science and biotech companies.”
GMP laboratories that follow and systematically document compliance with GMP regulations are subject to the US Food & Drug Administration (FDA) to ensure the safety and integrity of drugs. GMP facilities support the life cycle of bioproduction from initial small batch clinical trials to commercial production and cover all aspects of production including materials, premises, equipment, training and personal hygiene of staff.
“We are very excited to have the Clarion team on this acquisition,” said Scott Dragos, executive vice president of CBRE Capital Markets, who brokered the transaction. “There is a significant demand for high quality organic farm land from both tenants and investors, and very little product is available to meet this demand. The property at 55 Messina is a state of the art GMP facility with a long term tenant with solid credit. However, what makes this opportunity so unique is that this facility is already configured for clinical trials as per FDA requirements. ”
Located near I-93 and I-95, the property offers easy access to the greater Boston area, including downtown Boston (13 miles), Cambridge (18 miles) and Waltham (24 miles). Braintree’s Red Line station on the Boston subway system, commonly referred to as the T, is three miles from the property and provides direct access to Cambridge, a hub of life science and biotech companies which is also home to Harvard University and the Massachusetts Institute of Technology (MIT).
CPREIF is a non-diversified, closed-ended management investment company that continuously offers its common stock. The Fund’s investment manager, Legg Mason Partners Fund Advisor, LLC, is an indirect wholly-owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”) and the Fund’s investment sub-advisor, Clarion Partners, is an indirect majority-owned subsidiary of Franklin Resources. In addition, the Fund’s securities sub-advisor, Western Asset Management Company, LLC, is an indirect wholly-owned subsidiary of Franklin Resources. Printouts of the Fund’s full audited financial statements are available free of charge upon request. Further information on CPREIF can be found here.
About Clarion Partners
Clarion Partners has managed real estate on behalf of many of the world’s largest and best-known institutional investors for nearly four decades. Via CPREIF, individual investors can draw on Clarion’s know-how and track record. The individual-facing funds are managed in the same disciplined way as the institutional assets and focus on creating value through excellent execution.
Clarion Partners is headquartered in New York and has strategically located offices in the United States and Europe. With more than $ 56 billion in real estate and debt under management, Clarion Partners offers a broad range of real estate strategies across the risk / reward spectrum to more than 500 institutional investors around the world. Clarion Partners is an independent subsidiary of Franklin Templeton. More information about the company can be found at www.clarionpartners.com.
About Franklin Templeton
Franklin Resources [NYSE:BEN] is a global investment management organization with subsidiaries that operate as Franklin Templeton and serve clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better results through investment management expertise, wealth management and technology solutions. Through its specialized investment managers, the company offers comprehensive capabilities in the areas of equity, fixed income securities, alternatives and customized multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has more than 70 years of investment experience and approximately $ 1.5 trillion in assets under management as of March 31, 2021. For more information, visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.
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