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Sign in Sign up for a FREE subscriptionClarion Partners Real Estate Income Fund makes second investment
The Clarion Partners Real Estate Income Fund (CPREIF) has paid $20.2 million for a 183,000-square-foot industrial property in southern New Jersey. This marks the second investment made on behalf of the fund.
Located at 100 Friars Blvd. in West Deptford, the property is fully leased for a 10-year term to a tenant with more than 50 years of operating history, which is expected to generate a stable income stream over the life of the lease.
“This recently renovated functional warehouse is strategically located in a solid industrial submarket with low vacancy rates in southern New Jersey near Philadelphia. The submarket benefits from strong highway connectivity and has seen healthy demand from logistics users,” said Onay Payne, managing director of Clarion Partners.
CPREIF is a non-diversified, closed-end management investment compa