MCLEAN, Va., March 04, 2019 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") announced today that it completed the acquisition of a 34,800 square foot industrial freezer/cooler building in Indianapolis, IN. The building, which is located in Park 100, a large industrial park in Indianapolis, is expandable by approximately 13,000 square feet. The initial capitalization rate for the acquisition was 7.2%, with an average capitalization rate of 7.9%.
The property is a freezer/cooler storage and distribution building, 100% occupied by Indianapolis Fruit Company, Inc. ("IF&P"). IF&P is a leading produce and food service distributor in the Midwest, serving over 7,500 customer locations and over 450 suppliers with a broad range of products and established logistics and delivery capabilities. IF&P provides fresh, frozen, and packaged produce varieties, as well as partially prepared meal components, to a variety of customer types including grocery stores, restaurants, schools and food management companies. IF&P recently executed a long-term NNN lease at the property, with 10 years remaining as of the acquisition date. The acquisition of the industrial property is consistent with Gladstone Commercial's strategy of acquiring high-quality industrial assets in the Company's target growth markets.
"This acquisition continues our strategy of growing our industrial allocation by investing in high quality industrial properties in our target markets," said Bob Cutlip, President of Gladstone Commercial.
About Gladstone Commercial (NASDAQ:GOOD)
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SOURCE: Gladstone Commercial Corporation
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