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Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") is pleased to announce the acquisition of a 215,102 square foot, crane-served industrial manufacturing, distribution, and warehouse facility located in Harrison Township, Michigan. The property was acquired for $16.25 million at a weighted average GAAP capitalization rate of 9.59%.
The facility is 100% leased to Yanfeng International Automotive Technology US, a U.S.-based subsidiary of Yanfeng International Automotive Technology Co., Ltd, a global investment-grade automotive supplier specializing in interiors, exteriors, seating, cockpit electronics, and passive safety systems.
This acquisition aligns with Gladstone Commercial's strategy of acquiring mission-critical, high-quality industrial assets leased to strong credit tenants in growth markets.
Posted In: GOOD
