Sign In
Upcoming Event
Free Newsletter
PHOTO/GETTY IMAGES
Real estate investor acquires Allentown industrial building for $7.8M
Paula Wolf//October 19, 2023//
Listen to this articleMcLean, Virginia-based Gladstone Commercial Corp. has acquired a 70,000-square-foot industrial manufacturing facility in Allentown for $7.8 million at a weighted generally accepted accounting principles capitalization rate of 9.2%.
The transaction is a long-term sale-leaseback with a 20-year absolute NNN lease. The property is 100% leased to Alleguard, a manufacturer and distributor of custom EPS, EPP and ARCEL foam products that serve packaging, appliance, building products, cold chain, automotive, consumer and other general industrial end-markets.
More details about the building and the deal were not available. Gladstone did not respond to questions.
“We are excited to add another industrial asset in the Lehigh Valley submarket, a top industrial market with strong underlying fundamentals and significant growth over the last few years,” EJ Wislar, chief investment officer of Gladstone, said in a release. “Additionally, this asset is mission critical to the tenant operating as their only manufacturing facility in the Northeast Corridor.”
Gladstone President Buzz Cooper added: “This transaction continues our core strategy of acquiring mission-critical, industrial facilities in growth markets. This investment is a great addition to our portfolio, as it improves our weighted average lease term and increases our industrial concentration, providing yet another case study for our industrial sale-leaseback platform.”
Gladstone is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the U.S. As of June 30, its real estate portfolio consisted of 136 properties in 27 states, totaling approximately 17.2 million square feet.
Paula Wolf is a freelance writer
