Gladstone Commercial Corp said on Friday that it had acquired a 70,000 square foot industrial manufacturing facility in Allentown, Pennsylvania, for as much as $7.8 million.
Gladstone Commercial serves packaging, appliance, building products, cold chain, automotive, consumer and other general industrial end-markets.
“We are excited to add another industrial asset in the Lehigh Valley submarket, a top industrial market with strong underlying fundamentals and significant growth over the last few years. Additionally, this asset is mission critical to the tenant operating as their only manufacturing facility in the Northeast Corridor,” EJ Wislar, Chief Investment Officer of Gladstone Commercial, said in a press release.
The facility was purchased in a long-term sale-leaseback transaction with a 20-year absolute NNN lease, the company said.
“This transaction continues our core strategy of acquiring mission critical, industrial facilities in growth markets. This investment is a great addition to our portfolio, as it improves our weighted average lease term and increases our industrial concentration, providing yet another case study for our industrial sale-leaseback platform,” Buzz Cooper, President of Gladstone Commercial, commented.
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