JLL Capital Markets announced Thursday that it has put in place a $ 10.1 million post-acquisition financing for a fully leased 183,000 square foot industrial warehouse and distribution property in West Deptford.
JLL worked on behalf of the borrower, The Clarion Partners Real Estate Income Fund Inc. (CPREIF), to place the five-year variable rate post-acquisition loan with Wells Fargo Bank. The loan proceeds were used for CPREIF to purchase the asset as a second investment
Located at 100 Friars Blvd., the property is located on 12.69 acres and is approximately 15 miles from downtown Philadelphia. The location provides access to the entire Mid-Atlantic region from its position between Exits 2 and 3 of the New Jersey Turnpike, and has immediate access to Exit 20 of Interstate 295.
The property is the headquarters of ICS Corp., which sold 100 Friars Blvd. to the borrower in a negotiated JLL Sale of $ 20.2 million announced earlier this year.
The building has a clear height of 22 to 24 feet, 19 loading doors, an entrance door, ESFR fire protection, a low office finish and ample parking.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Jim Cadranell and Partner Max Custer.