Gladstone Commercial Announces $11.0 Million Industrial Acquisition in Findlay, Ohio

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[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / January 26, 2021 / Gladstone Commercial Corporation (NASDAQ:GOOD) (\"Gladstone Commercial\") announced today that it acquired a 180,152 square foot distribution building in Findlay, Ohio on January 22, 2021 for $11.0 million. The average capitalization rate for the transaction is 8.4%.The property is a functional, high volume distribution building with nine front-loading dock doors and two drive-in doors located on either side of the loading area. The 170' truck court provides ample depth for loading and trailer storage, and the 26 surface parking spaces serve as employee parking. The building is located on 10.2 acres in Findlay's Tall Timbers Industrial Park.The property is 100% leased by American Plastics, a designer, manufacturer, and distributor of plastic-injection molded products for the household storage, garage storage, and commercial cleaning end-markets. The triple net lease with American Plastics has approximately 14 years remaining as of closing. The property is mission-critical to the tenant, due to its location near the tenant's Ohio production facilities and its service of the tenant's largest, blue-chip customers.The acquisition of this industrial property is consistent with Gladstone Commercial's strategy of acquiring high-quality industrial assets with credit-worthy tenants located in growth markets. This is Gladstone Commercial's first acquisition in Findlay, Ohio, a market along I-75 with 21 million square feet of industrial space, rail service from CSX and Norfolk Southern, a Foreign Trade Zone and many household brand corporate occupiers.\"We are pleased to continue expanding our industrial footprint in the Midwest region in this location along I-75. Findlay is a strong distribution location, supported by a number of household brands occupying manufacturing and distribution centers in Findlay. We are also excited to have American Plastics as a long-term tenant.\" said Matt Tucker, Executive Vice President and Head of the Northeast and Midwest Regions for Gladstone Commercial. Bob Cutlip, President of Gladstone Commercial, agreed, \"This transaction continues our strategy of increasing our industrial concentration in markets with strong fundamentals.\"About Gladstone Commercial (Nasdaq: GOOD)Gladstone Commercial is a real estate investment trust focused on acquiring, owning, and ope...

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