Clarion Partners has invested $77m (€69m) in a Florida industrial asset.
The manager bought the Pompano Business Center in Pompano Beach for a fund.
The 624,531 sqft complex is 95% occupied.
Barron Williams, head of the acquisition team for the Pompano Business Center, said: “The Pompano Business Center is a highly desirable industrial asset that is consistent with our acquisition strategy emphasising high-quality, Class-A projects in strategically selected markets with potential for strong rental growth.”
Clarion Partners said the Pompano Beach sub-market has been very strong, with vacancy down to 3.7% over the last four years.
Natural land barriers, including the Florida Everglades and the Atlantic Ocean, severely limit opportunities for new development, it said.