JLL arranges $10.1 million financing for Philadelphia-area industrial property

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.

Jim Cadranell 

 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 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'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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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

Kimberly.Steele@am.jll.com

jll.com.