Gladstone Commercial Corporation, a Virginia-based REIT, announced this week that it had purchased a bulk distribution warehouse in Taylor, PA from Kane Properties for $39 million. While terms of the deal were not disclosed, Citizen's Voice reported that the deed is signed by Edward M. Kane, president of Kane Realty. The realty company is affiliated with Kane Is Able Inc., a warehousing and transportation concern based in Scranton. The property is occupied by a regional third-party logistics company under a ten-year absolute net lease.
"This acquisition is consistent with our strategic decision to focus our acquisition efforts on high-quality, functional properties in primary and strong secondary markets" said Matt Tucker, Managing Director of Gladstone Commercial. "The property is a high-quality front-loading distribution building, with 35-foot clear heights and 169 dock doors. We believe that this property, located in the Northeastern Pennsylvania submarket of the I-81 distribution corridor, a very strong primary distribution market, will provide stable long-term accretive returns to our shareholders."
For more news and information visit Blumberg Capital Partners.
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