By Joshua Burd
A real estate investment trust has purchased a two-building, 246,000-square-foot industrial portfolio in Vineland and Bridgeton, in a deal valued at nearly $33 million.
Gladstone Commercial Corp., which is based in McLean, Virginia, said it completed the trade as part of a sale-leaseback with Garden State Bulb Co. The latter occupies the properties under a triple net lease with 15 years of term remaining, the REIT said, adding that the now-tenant is an industry leader in packaged dormant live goods products for sale in the U.S. market.
The companies did not disclose the addresses of the buildings.
“We are excited to expand the industrial portfolio in southern New Jersey,” said EJ Wislar, chief investment officer of Gladstone Commercial. “Both facilities are mission-critical to the business of this industry-leading tenant, and we are pleased to add two high-quality, fungible buildings in a growing industrial market with strong fundamentals.”
The portfolio traded for $32.5 million, which represents a capitalization rate of 7.2 percent.
“The acquisition of the facilities continues our core strategy of acquiring mission-critical, industrial facilities in growth markets,” said Buzz Cooper, president of Gladstone Commercial. “This investment is a great addition to our portfolio, improving the weighted average lease term and provides another case study for our industrial sale-leaseback platform.”
