Gladstone Commercial Announces $22.0 Million Industrial Acquisition in Pacific, MO
ACCESSWIRE
22 Jul 2021, 06:19 GMT+10
MCLEAN, VA / ACCESSWIRE / July 21, 2021 / Gladstone Commercial Corporation (NASDAQ:GOOD) ( Gladstone Commercial ) announced today that it acquired an 80,604 square foot industrial facility on 18.6 acres with significant outdoor storage in Pacific (St. Louis), Missouri for $22.0 million on July 21, 2021. The initial capitalization rate for the acquisition was 6.6%, with an average capitalization rate of 7.5%. The property is Gladstone Commercial s second industrial acquisition in the St. Louis, Missouri MSA.
The property is 100% leased to ADB Companies, LLC, with 17.5 years of remaining absolute NNN lease term. ADB Companies is an infrastructure solutions provider within the telecom and power sectors, offering a full-suite of infrastructure construction services from design through repairs. Constructed in phases from 2018 through 2021, the site features a Class A
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