Gladstone Commercial Corporation announced on Thursday that it completed the acquisition of a 157,810 square foot industrial building in Delaware for $8.3 million.
The property is 100% occupied by Midwest Acoust-A-Fiber, a designer and manufacturer of thermal and acoustical engineering products for high temperature insulation and noise suppression for the automotive industry. Acoust-A-Fiber has occupied the property since its construction in 1990 and has expanded the facility twice (once in 2016 and again in 2018). Simultaneous with closing, Acoust-A-Fiber executed a lease extension, bringing the remaining term of the absolute-NNN lease to 15 years.
“This quality industrial acquisition expands our presence in the target market of Columbus, Ohio, as well as our national industrial portfolio,” said Matt Tucker, Senior Managing Director of the Northeast/Midwest Region. “The property is well located in the path of growth with exceptional infrastructure access, is mission critical for the tenant, and should provide our investors with long term steady returns.”
“This transaction promotes our strategy of increasing our allocation to industrial buildings over the next few years and we are excited about growing our portfolio in Columbus, one of our target markets,” said Bob Cutlip, President of Gladstone Commercial.
Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of June 30, its real estate portfolio consisted of 98 properties located in 24 states, totaling approximately 11.4 million square feet. For additional information please visit www.gladstonecommercial.com.