March 13, 2020
Real estate investment trust Gladstone Commercial Corp. has acquired a 504,400-square-foot industrial distribution center in Crandall, GA. The sales price was $30.3 million.
Constructed in 2020 as a build-to-suit, the facility is nine miles south of the Tennessee border. Currently, the center is fully leased to Haier US Appliance Solutions, a subsidiary of worldwide appliance leader Haier Smart Home. the tenant utilizes the property to import and distribute appliance components through the Appalachian Regional Port via rail from the Port of Savannah.
“This transaction promotes our strategy of increasing our allocation to industrial buildings in strong growth corridors over the next few years, and we are excited to add to the portfolio with high quality real estate occupied by a credit-worthy tenant,” said Bob Cutlip, president of Gladstone.
The seller was not disclosed.
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