The Clarion Partners Real Estate Income Fund has secured a $10.1 million post-acquisition loan for a 183,000 s/f industrial warehouse and distribution property at 100 Friars Blvd. in West Deptford, New Jersey.
JLL placed the five-year, floating-rate loan with Wells Fargo Bank. Loan proceeds were used for CPREIF to purchase the asset as its second investment. Clarion acquired the South Jersey property for $20.2 million last month in a sale-leaseback with seller, ICS Corp. a direct mail printing company.
Situated on 12.69 acres, 100 Friars Blvd. is 15 miles from Center City Philadelphia and has access to the entire Mid-Atlantic region from its position between the New Jersey Turnpike’s Exits 2 and 3. The asset is located within the Mid-Atlantic Corporate Center, a master-planned industrial park in the heart of the growing South New Jersey Industrial submarket. T
he building features 22- to 24-foot clear heights, 19 loading doors, one drive-in door, ESFR fire protection, low office finish and ample parking.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Jim Cadranell and Associate Max Custer.
“Successfully closing this loan in the current environment took a committed effort by all involved,” Cadranell said. “We thank Wells Fargo for delivering for both Clarion and JLL.”