Clarion Partners RE Income Fund Pays $20.2M for Industrial Property in NJ

by John Jordan Globest.com
The Clarion Partners Real Estate Income Fund Inc. has acquired a 183,000-square-foot industrial warehouse property at 100 Friars Blvd. for $20.2 million in a sale-leaseback deal with ICS Corp.

The property is fully occupied by marketing firm ICS Corp. The industrial/warehouse and distribution facility serves as the corporate headquarters of ICS Corp. At closing ICS executed a long-term leaseback of the facility, according to JLL.

“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. The long-term leaseback of ICS Corporation provided a predictable cash flow stream over the foreseeable future for the buyer.”

100 Friars Blvd. is located approximately 15 miles from center City Philadelphia and has access to the entire Mid-Atlantic region from its location between the New Jersey Turnpike’s Exits 2 and 3 and has immediate access off Interstate 295’s Exit 20.

The property 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.

New York City-based Clarion Partners Real Estate Income Fund is a non-diversified, closed-end management investment company. The fund is managed by Legg Mason Partners Fund Advisor, a wholly-owned subsidiary of Legg Mason, Inc., and is sub-advised by Clarion Partners, LLC, an affiliate of LMPFA. Western Asset Management Company, LLC, an affiliate of LMPFA and Clarion Partners, is the fund’s securities sub-adviser.
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