on Gladstone Commercial Corporation (NASDAQ:GOOD)
Gladstone Commercial Expands Industrial Portfolio in Michigan
Gladstone Commercial Corporation (Nasdaq: GOOD) has announced the acquisition of a 215,102 square foot industrial facility in Harrison Township, Michigan for $16.25 million. The facility, offering crane-served industrial manufacturing, distribution, and warehousing, is completely leased to Yanfeng International Automotive Technology US, a subsidiary of Yanfeng International Automotive Technology Co., Ltd.
The acquisition aligns with Gladstone's strategy to acquire high-quality industrial properties with strong credit tenants, focusing on growth markets. This move is set to enhance their portfolio and strengthen their existing relationship with Yanfeng. The strategic location in the Detroit area is expected to benefit from robust domestic manufacturing demand, providing long-term value to Gladstone.
The company's leadership emphasized that the acquisition is accretive and supports their long-term strategy on durable cash flows. It extends their weighted average lease term and reinforces their commitment to industrial growth.
R. E.
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