CAPRE’s Commercial Real Estate Headlines for January 14, 2020
Check out the latest deals and developments in commercial real estate for January 14, 2020: Gladstone Commercial Announces $5.2 Million USD Industrial Acquisition in Indianapolis: Gladstone Commercial has completed the acquisition of a 64,800 square foot industrial building in Indianapolis, Indiana on January 8, 2020 for $5.2 million. The initial capitalization rate for the acquisition was 6.72%, with an average capitalization rate of 7.24%. Gladstone Commercial issued common units in its operating partnership to fund a portion of the acquisition. The property is 100% leased to three tenants with a weighted average lease term of 7.2 years. The property provides functional warehouse and distribution space for all three tenants as well as functional office space for the anchor tenant, Shambaugh & Son. Shambaugh currently occupies 70.4% of the building, is the largest MEP construction services contractor in Indiana, and is ranked the third largest specialty contractor in the United States. Shambaugh’s weighted average remaining lease term is 8.5 years. The remainder of the building is leased by GW Services, LLC and Insta-Clean, LLC. Office Properties Income Trust Announces the Sale of Seven Properties for $205.4 Million USD: Office Properties Income Trust has sold seven properties for an aggregate sales price of $205.4 million, excluding closing costs. Proceeds from today’s announced sales have been used for general business purposes, including the repayment of debt. Five properties sold in December 2019 for an aggregate sales price of $191.3 million, excluding closing costs,…
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