2022-05-05 17:54:04 GOOD Gladstone Commercial
05/05/22 05/0517:54 05/05/2217:54 | Gladstone Commercial acquires industrial portfolio for $19.3MGladstone Commercial acquired a 260,719 square foot, two-property, industrial portfolio, with locations in Fort Payne, Alabama and Cleveland, Ohio, for a gross purchase price of $19.3M at a GAAP capitalization rate of 6.80%. The portfolio is 100% leased to Plasman with 11.4 years of remaining absolute NNN lease term. Plasman produces automotive bumpers, facias, grilles, and exterior trim components for major OEM brands, and is a significant player in the consumer goods market, specializing in precision molding. The acquisition of this industrial portfolio is consistent with Gladstone Commercial's growth strategy of acquiring functional assets leased to credit-worthy tenants. |
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