October 1, 2019
Gladstone Commercial Corp. struck a deal with Texas Hydraulics to acquire a two-building, 211,000-square-foot industrial asset in Temple, TX. Texas Hydraulics sold the property to the McLean, VA buyer in a sale-leaseback transaction; the tenant has a 20-year lease term.
The asset consists of a 126,000-square-foot facility at 3410 Range Rd., and an 85,000-square-foot building at 3120 Range Rd. Texas Hydraulics uses the properties for manufacturing, warehousing and distribution of hydraulic cylinders. During its ownership, Texas Hydraulics invested $35 million in the facilities.
“The acquisition of the Texas Hydraulics facilities continues our strategic expansion into our target markets,” said Buzz Cooper with Gladstone Commercial. “The facilities serve as the core of the tenant’s manufacturing business, and are well located near Austin, along I-35. The investment is a great addition to our portfolio, improving the weighted average lease term and increasing the allocation of high-quality industrial properties.”
For comments, questions or concerns, please contact Amy Sorter