On August 5, Gladstone Commercial Corporation (Nasdaq:GOOD) acquired a 246,000-square-foot, two-property, industrial portfolio, with locations in Vineland and Bridgeton for a gross purchase price of $32.5 million at a GAAP capitalization rate of 7.2 percent.
The portfolio, acquired in a sale/leaseback transaction, is 100 percent leased to Garden State Bulb Company and its affiliates, with 15 years of remaining absolute NNN term. Garden State Bulb Company is an industry leader in packaged dormant live goods products for sale in the U.S. market.
Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the country.
“We are excited to expand the industrial portfolio in southern New Jersey. Both facilities are mission critical to the business of this industry-leading tenant, and we are pleased to add two high-quality, fungible buildings in a growing industrial market with strong fundamentals,” stated EJ Wislar, chief investment officer of Gladstone Commercial.
“The acquisition of the facilities continues our core strategy of acquiring mission critical, industrial facilities in growth markets. This investment is a great addition to our portfolio, improving the weighted average lease term and provides another case study for our industrial sale-leaseback platform,” said Buzz Cooper, president of Gladstone Commercial.
As of June 30, Gladstone Commercial’s real estate portfolio consisted of 136 properties located in 27 states, totaling approximately 17.0 million square feet. For additional information visit gladstonecommercial.com.