Gladstone acquires Industrial Property in Philadelphia area
Real Estate Invesment, Gladstone Commerical Corporation completed the acquisition of a industrial building in Moorestown, New Jersey for $2.7 million.
26,050 sqaure foot industrial building is 100% occupied by Sheields Business Solutions, Inc. It has been occupied by Shields since its construction in 1991. The acquisition of the industrial property is consistent with Gladstone Commercial’s strategy of acquiring high-quality assets in growth regions with credit-worthy tenants.
“This acquisition adds to our quality industrial holdings and expands our presence in the Philadelphia area, one of our target markets. Burlington County is one of Philadelphia’s strongest submarkets, with exceptional infrastructure access that will drive long-term demand. The property is mission critical for the tenant, can be expanded by approximately 25,000 square feet, and should provide our investors with long term steady returns.” said Matt Tucker, Senior Managing Director of the Northeast/Midwest Region.
Bob Cutlip, president of Gladstone Commercial, said: “This transaction continues to promote our strategy of increasing our allocation to industrial buildings while growing our portfolio in key target markets.”
Source: Globe Newswire
Fulya Altunyay/ [email protected]