JLL Capital Markets announced on Thursday it has closed the $20.2 million sale of a industrial warehouse and distribution property in West Deptford.
JLL’s John Plower and Jim Candranell, senior managing directors; Ryan Cottone, senior associate; and Zach Maguire, analyst; marketed the 183,000-square-foot property at 100 Friars Blvd. on behalf of the seller, ICS Corporation Inc. The property is the headquarters of ICS, which at closing executive a long-term leaseback deal. The Clarion Partners Real Estate Income Fund Inc. was the buyer.
“100 Friars Blvd. represented an excellent opportunity for the buyer to acquire a well-located, in-fill industrial building within a core location in the Southern New Jersey Industrial market,” Plower said. “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, the property is located within the Mid-Atlantic Corporate Center, a industrial park. The building has 22- to 24-foot ceilings, 19 loading doors, one drive-in, ESFR fire protection, low office finish and ample parking. It is within close access to Exits 2 and 3 of the New Jersey Turnpike and Exit 20 of Interstate 295.