100 Friars Blvd. in West Deptford — Courtesy: JLL
By Joshua Burd
An investment fund has secured $10.1 million in financing for a newly acquired, 183,000-square-foot industrial building in West Deptford.
Brokers with JLL represented the borrower, The Clarion Partners Real Estate Income Fund Inc., in sourcing the post-acquisition loan for the complex at 100 Friars Blvd. Wells Fargo Bank provided the five-year, floating-rate financing, which was used to complete the fund’s purchase of the warehouse and distribution center property.
JLL Senior Managing Director Jim Cadranell and Associate Max Custer led the capital markets debt placement team on the assignment.
“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.”
Sitting on 12.69 acres, 100 Friars Blvd. is some 15 miles from Center City Philadelphia and is just off Interstate 295. The fully leased property also sits between New Jersey Turnpike exits 2 and 3, providing access to the entire Mid-Atlantic region.
JLL said the building, which is part of a master-planned business park, features 22- to 24-foot clear ceiling heights, 19 loading doors and one drive-in door. It serves as the headquarters of ICS Corp., which sold 100 Friars Blvd. to the borrower in a JLL-brokered, $20.2 million sale announced earlier this year.