JLL closes $20.2M sale of Philadelphia-area industrial property
The fully leased Southern New Jersey warehouse and distribution property provides a stable cash flow from a tenant with a long operating history
PHILADELPHIA, April 9, 2020 – JLL Capital Markets announced today that it has closed the $20.2 million sale of a 183,000-square-foot, fully leased industrial warehouse and distribution property at 100 Friars Blvd. in West Deptford, New Jersey.
JLL marketed the property on behalf of the seller, ICS Corporation, Inc. The Clarion Partners Real Estate Income Fund Inc. (CPREIF) purchased the asset as its second investment. The property is the headquarters for ICS Corporation, who at closing executed a long-term leaseback of the facility.
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 JLL Industrial Capital Markets team representing the seller 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 said. “The long-term leaseback of ICS Corporation provided a predictable cash flow stream over the foreseeable future for the buyer.”
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 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About ICS Corporation, Inc.
ICS Corporation exists to elevate and support direct mail channels. The company is driven by the commitment to its clients to propel brands further, viewing itself not as a resource but as a partner in total marketing endeavors. In 1965, ICS was founded as a small print and copy facility in Philadelphia, Pennsylvania. Today, more than 50 years later, ICS has flourished by elevating the marketing outreach of some of the nation’s largest companies in highly creative and cost-effective ways.
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, 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 37 years. Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe. With over $54 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.