Clarion Partners Buys Industrial Asset Near Philadelphia
- Mar 23, 2020
Clarion Partners has paid $20.2 million for a 183,000-square-foot warehouse in West Deptford, N.J. Clarion purchased the fully occupied asset through Clarion Partners Real Estate Income Fund Inc., one of its closed-end funds managed by Legg Mason Partners Fund Advisor.
Situated on about 13 acres at 100 Friars Blvd., the industrial building also includes a two-level office build-out component totaling 33,960 square feet. The recently renovated warehouse features a 40-foot x 40-foot column spacing, a 125-foot truck court, 18 dock-high loading doors and 272 parking spaces. The property is currently under a 10-year lease.
Located some 15 miles south of downtown Philadelphia and less than a mile from city center, the warehouse is adjacent to Interstate 295 near the intersection with Mid Atlantic Parkway. Philadelphia International Airport is 17 miles north, across the Delaware River.
In January, Clarion Partners paid $117.3 million for a 1.4 million-square-foot industrial park in Reno, Nev. JLL Capital Markets represented seller Panattoni Development Co. in the deal.