JLL Capital Markets said Thursday it arranged $10.1 million in post-acquisition financing for a 183,000-square-foot, fully leased 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, floating-rate post-acquisition loan with Wells Fargo Bank. Loan proceeds were used for CPREIF to purchase the asset as its second investment
Located at 100 Friars Blvd., the property is situated on 12.69 acres and is approximately 15 miles from Center City Philadelphia. The location provides 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 property is the headquarters for ICS Corp., which sold 100 Friars Blvd. to the borrower in a JLL-brokered $20.2 million sale announced earlier this year.
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 JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Jim Cadranell and Associate Max Custer.