NEW YORK—Clarion Partners, has completed the sale of its 50% interest in a portfolio of nine class A Mexican shopping centers totaling 3.17 million square feet to Frisa, the current joint venture partner.
Frisa is a full-service real estate company that provides design, development and management services and holds one of the largest retails portfolios in Mexico.
The portfolio, which is valued at approximately $600 million, is comprised of six fully stabilized and mature assets, which have a total average occupancy of 96.4% and three assets in the lease-up stage with an average occupancy of 77.9%. It includes properties in Mexico City suburbs, Acapulco, Ciudad Madero and Tampico.
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