Gladstone announces office, industrial dispositions totaling $3.9M
Gladstone (GOOD) announced that it completed the disposition of two properties for gross proceeds of $3.9M. The dispositions bring the company's LTM sales of non-core assets to $14M. One property, located in Toledo, OH, sold for gross proceeds of $3.2M. The sale included a 23,368 square foot medical office facility leased to Mercy Health with approximately 4 years of remaining lease term. The company recognized a levered IRR of 11% on its investment. The second property, located in Montgomery, AL, sold for gross proceeds of approximately $700,000. The sale included a 29,472 square foot industrial facility leased to Cummins (CMI) with a remaining lease term of approximately 10 months. The company recognized a levered IRR of 12% on its investment.