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7/10/14
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Gladstone Commercial Corporation purchased a 124.8k sf building in the Denver suburb of Aurora, CO. The building serves as the HQ/warehouse/manufacturing/distribution facility for Barton Supply, a privately owned portfolio company of Kodiak Building Partners, specializing in rebar fabrication, structural and miscellaneous steel and concrete construction accessories across commercial and residential markets.
The property, which has been leased back to Barton Supply for 15 years, is located in the Upland Business Park, a mature core business / industrial park in Aurora with direct rail service and direct access to I-225 and 1-70. It is situated 15 minutes from the Denver CBD and 20 minutes from Denver International Airport. The property has excess land for future expansion and direct rail access, a unique attribute within the business park.
"This acquisition marks our second acquisition in Colorado and our third acquisition in the Western U.S., which continues our strategic expansion into both primary and secondary markets in the Western U.S.," said Andrew White, Managing Director of the Company. "The 15-year lease to Barton Supply should provide attractive stable returns to our investors given the long-term lease, the attributes of the real estate and economic fundamentals driving the Denver real estate market."
Gladstone Commercial's real estate portfolio now consists of 93 properties located in 23 states, totaling approximately 10 msf.
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