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| A 183,000-square-foot, fully leased industrial warehouse and distribution property at 100 Friars Boulevard. in West Deptford, NJ |
MORRISTOWN, NJ – JLL Capital
Markets announced 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.
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| Jim Cadranell |
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 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.
 |
| Max Custer |
The
firm has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
For more news, videos and research resources on JLL, please
visit the firm’s U.S. media center Web page: U.S. newsroom.
CONTACT:
Kimberly Steele
Senior Associate, Public Relations
JLL Capital Markets
9 Greenway Plaza, Suite 700
Houston, TX 77046
T +1 713 852 3420
M +1 832 244 9994
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