Gladstone Commercial Corporation Announces Industrial Acquisition in Allentown, PA
October 13, 2023 at 08:30 am EDT
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Gladstone Commercial Corporation has acquired a 70,000 square foot industrial manufacturing facility in Allentown, Pennsylvania, for a total purchase price of $7.8 million at a weighted GAAP capitalization rate of 9.2%. The property was acquired in a long-term sale-leaseback transaction with a 20-year absolute NNN lease. The property is 100% leased to Alleguard, a manufacturer and distributor of custom EPS, EPP and ARCEL foam products.
The company serves packaging, appliance, building products, cold chain, automotive, consumer and other general industrial end-markets. The acquisition is consistent with Gladstone Commercial's growth strategy of acquiring functional assets leased to credit-worthy tenants in strong industrial markets.
Gladstone Commercial Corporation is a real estate investment trust (REIT). The Company is focused on acquiring, owning, and managing primarily industrial and office properties. The Company conducts its operations through a subsidiary, Gladstone Commercial Limited Partnership (Operating Partnership). It owns 134 properties totaling 16.9 million square feet of rentable space, located in 27 states. The Companyâs properties are geographically diversified, and its tenants cover a broad cross section of business sectors and range in size from small to large private and public companies. The Company's properties are located in various states of the United States, such as Texas, Florida, Pennsylvania, Ohio, Georgia, North Carolina, Alabama, New Jersey, Michigan and South Carolina. The Company's properties have tenants from various industries, such as telecommunications, diversified/conglomerate services, healthcare, automotive, banking, diversified/conglomerate manufacturing, and others.
GLADSTONE COMMERCIAL CORPORATION 
