Gladstone Commercial Announces Industrial Acquisition in Midland, TX

Gladstone Commercial Corporation (NASDAQ: GOOD) has acquired a 50,102 square foot Class A industrial manufacturing, distribution, and service facility in Midland, Texas. The acquisition was made at a weighted GAAP capitalization rate of 9.94%.

The property was secured through a long-term sale-leaseback transaction with a 15-year absolute NNN lease. It is fully leased to a leading provider of electrical feedthrough connectors and wellhead solutions, serving primarily E&P operators in the Permian Basin. This aligns with Gladstone Commercial's growth strategy of acquiring functional assets leased to credit-worthy tenants in strong industrial markets.

Jerry Hopkins of NEWMARK's Dallas office marketed the property. "We are excited to partner with another quality tenant in a long-term sale-leaseback transaction," said Todd McDonald, Head of the South-Central Region for Gladstone Commercial.

"This acquisition aligns well with our strategy of acquiring mission-critical industrial assets in growth markets," added Buzz Cooper, President of Gladstone Commercial. "This investment not only enhances our weighted average lease term but also reinforces our commitment to the industrial sale-leaseback platform."