Benzinga | Jun 17, 2021 04:32PM EDT

Gladstone Commercial Announces $8.125M Industrial Acquisition In Baytown, TX

Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") announced today that it acquired a 25,200 square foot industrial service facility in Baytown (Houston), Texas for $8.125 million on June 17,2021.The initial capitalization rate for the acquisition was 5.9%, with an average capitalization rate of 7.1%.

The property is 100% leased to Mobile Mini, Inc., a wholly-owned subsidiary of a leading storage solutions provider, WillScot Mobile Mini (NASDAQ:WSC), with 12.7 years of remaining lease term. Constructed in 2019, Mobile Mini utilizes the property to store its modular mobile storage solutions and tank/pump products. Situated on 10.2 acres, the facility is located within the Thompson Ten Industrial Park.

"The acquisition of the Mobile Mini facility continues our strategic expansion into our targeted growth locations. The facility serves as a mission-critical location for the tenant. The acquisition is a great addition to our portfolio," said Buzz Cooper, Executive Vice President of Gladstone Commercial.

"We are excited to add to our growing presence in the Houston area with a mission-critical facility that will mark our entrance into acquiring industrial service facilities," stated EJ Wislar, Senior Vice President of Gladstone Commercial.

Bob Cutlip, President of Gladstone Commercial, agreed, "This transaction promotes our strategy of increasing our allocation to industrial buildings in strong growth corridors and we are happy to add high quality real estate and credit to the portfolio."

The JLL Capital Markets team representing the seller was led by Trent Agnew and Charles Strauss.