Friday, June 13, 2014

Gladstone Acquires PA Warehouse for $39M

by John Jordan,
Gladstone Commercial Corp. of McLean, VA reports it has acquired a 955,935 –square-foot bulk distribution warehouse in the Scranton suburb of Taylor, PA for $39 million.
The transaction calculated out to an average cap rate of 8.7%. The property is occupied by a regional third-party logistics company under a 10-year absolute net lease, according to the Gladstone announcement.
"This acquisition is consistent with our strategic decision to focus our acquisition efforts on high-quality, functional properties in primary and strong secondary markets,” says Matt Tucker, managing director of Gladstone. "The property is a high-quality front-loading distribution building, with 35-foot clear heights and 169 dock doors. We believe that this property, located in the Northeastern Pennsylvania submarket of the I-81 distribution corridor, a very strong primary distribution market, will provide stable long-term accretive returns to our shareholders."
With the acquisition,Gladstone Commercial's real estate portfolio now consists of 93 properties located in 23 states, totaling approximately 10.5 million square feet.

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