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11/04/14
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Gladstone Commercial Corp paid $10 mil for a 189.2k sf ($53/sf) industrial building in Denver. The property is fully leased through December 2024 to Premium Pet Health LLC, a wholly owned subsidiary of Smithfield Foods.
Premium Pet Health uses the building as its headquarters, as well as a manufacturing and distribution facility. The company specializes in the sourcing, production, sales and distribution of all proteins for use by the pet care industry.
"This acquisition marks our third acquisition in Colorado and our fourth 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 low single digit vacancy for industrial space in this submarket combined with the 10-year lease to PPH should provide attractive stable returns to our investors over the long term given the attributes of the real estate and strong economic fundamentals driving the Denver real estate market."
The property is located in an industrial park in close proximity to downtown Denver with direct rail service and easy access to I-25, 1-270 and the Denver airport. Gladstone Commercial's real estate portfolio now consists of 94 properties located in 23 states, totaling approximately 10 msf of space.
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