Gladstone Commercial Corporation has picked up a 300,000 square foot industrial building for an undisclosed price in Philadelphia. The property is leased to the National Archives and Records Administration (“NARA”) which uses the facility to house the Federal Records Center and The National Archives at Philadelphia. NARA has a lease that runs through 2032, which is fully guaranteed by the United States Government, with a termination option beginning in 2027. CBRE Capital Markets Institutional Properties represented the seller, PNC Realty Investors, Inc., as investment adviser to the AFL-CIO Building Investment Trust.
