NEW YORK--(BUSINESS WIRE)--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. For more information on CPREIF, go here.

About Clarion Partners

Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 37 years. Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe. With over $54 billion in total assets under management, Clarion Partners offers a broad range of both debt and equity real estate strategies across the risk/return spectrum to its more than 350 domestic and international institutional investors. More information is available at www.clarionpartners.com.

About Western Asset Management

Western Asset Management is one of the world’s leading fixed-income managers. With a focus on long-term fundamental value investing that employs a top-down and bottom-up approach, the firm has nine offices around the globe and deep experience across the range of fixed-income sectors. Founded in 1971, Western Asset has been recognized for an approach emphasizing team management and intensive proprietary research, supported by robust risk management. To learn more about Western Asset, please visit www.westernasset.com.

About Legg Mason

Guided by a mission of Investing to Improve Lives™, Legg Mason helps investors globally achieve better financial outcomes by expanding choice across investment strategies, vehicles and investor access through independent investment managers with diverse expertise in equity, fixed income, alternative and liquidity investments. Legg Mason’s assets under management are $790 billion as of Feb. 29, 2020. To learn more, visit our website, our newsroom, or follow us on LinkedIn, Twitter, or Facebook.