JLL arranges $10.1M loan for Philadelphia-area industrial property
The fully leased Southern New Jersey warehouse and distribution property
MORRISTOWN, N.J., June 4, 2020 – JLL Capital Markets announced today that it has arranged $10.1 million in post-acquisition financing for a 183,000-square-foot, fully leased industrial warehouse and distribution property at 100 Friars Blvd. in West Deptford, New Jersey.
JLL worked on behalf of the borrower, The Clarion Partners Real Estate Income Fund Inc. (CPREIF), to place the five-year, floating-rate post-acquisition loan with Wells Fargo Bank. Loan proceeds were used for CPREIF to purchase the asset as its second investment.
Situated on 12.69 acres, 100 Friars Blvd. is approximately 15 miles from Center City Philadelphia and has superior access to the entire Mid-Atlantic region from its position between the New Jersey Turnpike’s Exits 2 and 3 and has immediate access off Interstate 295’s Exit 20. 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. 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. The property is the headquarters for ICS Corporation, which sold 100 Friars Blvd. to the borrower in a JLL-brokered $20.2 million sale announced earlier this year.
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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Clarion Partners Real Estate Income Fund Inc.
CPREIF is a non-diversified, closed-end management investment company that continuously offers its common stock. The fund is managed by Legg Mason Partners Fund Advisor (LMPFA), LLC, a wholly-owned subsidiary of Legg Mason, Inc., and is sub-advised by Clarion Partners, an affiliate of LMPFA. Western Asset, an affiliate of LMPFA and Clarion Partners, is the fund’s securities sub-adviser. Hard copies of the fund’s complete audited financial statements are available free of charge upon request. For more information on CPREIF, including the fund’s prospectus, go here.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 38 years. Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe. With over $56.4 billion in total assets under management, Clarion Partners offers a broad range of both debt and equity real estate strategies across the risk/return spectrum to its more than 350 domestic and international institutional investors.