The Clarion Partners Real Estate Income Fund Inc. (CPREIF) has closed on its second investment, a $20.2 million industrial property in southern New Jersey.
The fully occupied, 183,000 square foot property is located at 100 Friars Boulevard in West Deptford, N.J.
“This recently renovated functional warehouse is strategically located in a solid industrial sub-market with low vacancy rates in southern New Jersey near Philadelphia. The sub-market benefits from strong highway connectivity and has seen healthy demand from logistics users,” said Onay Payne, Managing Director of Clarion Partners. “The property is currently 100% leased for a 10-year term to a reliable tenant with over 50 years of operating history and is expected to generate a stable income stream over the life of the lease.”
CPREIF is a non-diversified, closed-end management investment company that continuously offers its common stock. The fund is managed by Legg Mason Partners Fund Advisor (LMPFA), LLC, a wholly-owned subsidiary of Legg Mason, Inc., and is sub-advised by Clarion Partners, an affiliate of LMPFA. Western Asset, an affiliate of LMPFA and Clarion Partners, is the fund’s securities sub-adviser. Hard copies of the fund’s complete audited financial statements are available free of charge upon request.