A direct-mail marketing company has closed a $20.2 million sale-leaseback deal for its combined headquarters and distribution facility in southern New Jersey.
ICS sold its 183,000-square-foot industrial property at 100 Friars Blvd., in West Deptford to Clarion Partners Real Estate Income Fund, which is that group’s second investment.
The building is fully occupied by ICS, which uses it as its headquarters and warehouse and has signed a long-term leaseback for the property, which is located on a 13-acre site roughly 15 miles from center city Philadelphia.
ICS acquired the Friars Boulevard building in December 2018 for $12.5 million from Exeter Property Group of Conshohocken, Pennsylvania, according to CoStar data.
The building is part of the Mid-Atlantic Corporate Center, a master-planned industrial park in the center of the growing South Jersey logistics region. The property features 22- to 24-foot clear ceiling heights, 19 loading doors, a drive-in door and ample parking.
The investment provides the Clarion Partners fund with a well-located industrial building and with a long-term tenant that will provide a predictable cash flow stream over the foreseeable future.
The Clarion Partners fund is managed by Legg Mason Partners Fund Advisor, a subsidiary of Legg Mason, and is sub-advised by Clarion Partners, an affiliate of Legg Mason Partners.
For more information about this South Jersey industrial space for sale or about any other South Jersey commercial properties for sale or lease, please contact the team at Wolf Commercial Real Estate, a Southern New Jersey commercial real estate brokerage firm at 856-857-6300.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate broker that provides a full range of South Jersey commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other South Jersey commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of South Jersey commercial properties for sale through our South Jersey commercial real estate brokerage firm.