Clarion Partners RE Income Fund Pays $20.2M for Industrial Property Near Philadelphia
The property is fully occupied by marketing firm ICS Corp. The industrial/warehouse and distribution facility serves as the corporate headquarters of ICS Corp.
WEST DEPTFORD, NJ— The Clarion Partners Real Estate Income Fund Inc. has acquired a 183,000-square-foot industrial warehouse property at 100 Friars Blvd. for $20.2 million in a sale-leaseback deal with ICS Corp.
The property is fully occupied by marketing firm ICS Corp. The industrial/warehouse and distribution facility serves as the corporate headquarters of ICS Corp. At closing ICS executed a long-term leaseback of the facility, according to JLL.
The JLL Industrial Capital Markets team that represented the seller for the 12.69-acre property was led by senior managing directors John Plower and Jim Cadranell, senior associate Ryan Cottone and analyst Zach Maguire.
“100 Friars Blvd. represented an excellent opportunity for the buyer to acquire a well-located, in-fill industrial building within a core location in the Southern New Jersey industrial market,” Plower says. “The long-term leaseback of ICS Corporation provided a predictable cash flow stream over the foreseeable future for the buyer.”
100 Friars Blvd. is located approximately 15 miles from center City Philadelphia and has access to the entire Mid-Atlantic region from its location between the New Jersey Turnpike’s Exits 2 and 3 and has immediate access off Interstate 295’s Exit 20.
The property is located within the Mid-Atlantic Corporate Center, a master-planned industrial park in the heart of the growing South New Jersey Industrial submarket. The building features 22- to 24-foot clear heights, 19 loading doors, one drive-in door, ESFR fire protection, low office finish and ample parking.
New York City-based Clarion Partners Real Estate Income Fund is a non-diversified, closed-end management investment company. The fund is managed by Legg Mason Partners Fund Advisor, a wholly-owned subsidiary of Legg Mason, Inc., and is sub-advised by Clarion Partners, LLC, an affiliate of LMPFA. Western Asset Management Company, LLC, an affiliate of LMPFA and Clarion Partners, is the fund’s securities sub-adviser.