Clarion Partners has acquired a retail property portfolio spread across five US states for $219m (€206m).
The grocery-anchored retail centres were bought for an unnamed fund and a separate account.
Clarion Partners said the 526,975sqft portfolio was 99% leased and included a combination of single-tenant and multi-tenant properties.
The majority are leased to top-tier grocers, including Trader Joe’s, Whole Foods, Mariano’s and Sprouts.
The properties are located in “strong, supply-constrained markets with high barriers to entry”, Clarion said.
“Locations are predominantly infill and/or urban, characterised by high population densities, robust demographics and strong income levels.”
Dean Rostovsky, director at Clarion Partners and one of the leaders of the national acquisition team, said: “These assets are an outstanding addition to our national retail portfolio.
“Opportunities to purchase centres with such strong grocery anchors are relatively infrequent, and high quality, well-located grocery stores are in high demand.
“These types of assets tend to perform well throughout investment and real estate cycles.”