100 Friars Blvd. in West Deptford — Courtesy: JLL
By Joshua Burd
An investment fund has acquired a fully leased, 183,000-square-foot industrial property in West Deptford for $20.2 million, in a transaction arranged by JLL.
Brokers with the firm announced Thursday that The Clarion Partners Real Estate Income Fund Inc. has closed on 100 Friars Blvd., a warehouse and distribution center just off Interstate 295. JLL represented the seller, ICS Corp. Inc., which is headquartered at the property and executed a long-term leaseback at closing.
“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,” said John Plower, a senior managing director with JLL. “The long-term leaseback of ICS Corporation provided a predictable cash flow stream over the foreseeable future for the buyer.”
Plower completed the sale alongside Senior Managing Director Jim Cadranell, Senior Associate Ryan Cottone and Analyst Zach Maguire. They noted that the property, which sits on 12.69 acres, is about 15 miles from Center City Philadelphia and has quick access to the entire Mid-Atlantic region.
The property is located between New Jersey Turnpike exits 2 and 3 and has immediate access off Exit 20 of I-295. Features include 22- to 24-foot clear heights, 19 loading doors, one drive-in door, ESFR fire protection, low office finish and ample parking.
The Clarion fund purchased the asset as its second investment.
