Clarion Partners pays $21m for Philadelphia-area industrial property
ICS Corp. has sold an 183,000-square-foot, fully leased industrial warehouse and distribution property at 100 Friars Blvd. in West Deptford, N.J.
The Clarion Partners Real Estate Income Fund paid $20.2 million. It is its second investment. The property is the headquarters for ICS Corp., which at closing executed a long-term leaseback of the facility.
“100 Friars Blvd. represented an excellent opportunity for the buyer to acquire a well-located, infill industrial building within a core location in the southern New Jersey industrial market,” said John Plower, senior managing director at JLL Capital Markets, which represented the seller. “The long-term leaseback of ICS Corporation provided a predictable cash flow stream over the foreseeable future for the buyer.”
Situated on 12.69 acres, 100 Friars Blvd. is approximately 15 miles from Philadelphia’s CBD and has superior access to the entire mid-Atlantic region from its position between the New Jersey Tur