NAPLES, FL—Oregon Public Employees Retirement Fund (OPERF) has disposed of its 50% interest in a luxury retail destination in Naples, FL. OPERF sold its share of Waterside Shops for about $155 million, less assumed debt.
Real estate investment manager Clarion Partners handled the disposition of the Waterside Shops for OPERF. Eastdil Secured advised Clarion Partners on the sale.
“It is with some degree of sadness that we have sold Waterside Shops,” says 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.”
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