Gladstone Commercial Corporation has announced the disposition of a 183,000 square foot industrial property located in Franklin Township, NJ, for $12.8 million. The single tenant, class B facility had a remaining lease term of approximately 3.5 years at the time of the sale. Gladstone purchased the property in 2005 for $8.2 million and upon its sale realized a leveraged IRR of approximately 24 percent on the investment.
“This transaction is consistent with our capital recycling strategy that seeks to divest non-core assets outside of our target markets while growing and maintaining a best-in-class portfolio in strong secondary markets,” said Matt Tucker, Managing Director of Gladstone Commercial. “We were able to opportunistically sell this short term leased asset at a substantial profit.”
