Gladstone Commercial acquires PA industrial facility for $7.8M

Gladstone Commercial has acquired a 70,000 square foot industrial manufacturing facility in Allentown, Pennsylvania, for a total purchase price of $7.8 million at a weighted GAAP capitalization rate of 9.2%. The property was acquired in a long-term sale-leaseback transaction 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. The company serves packaging, appliance, building products, cold chain, automotive, consumer and other general industrial end-markets. The acquisition is consistent with Gladstone Commercial’s growth strategy of acquiring functional assets leased to credit-worthy tenants in strong industrial markets.