Gladstone Commercial Corp. completed its acquisition of a 54,430 square-foot industrial building in Delaware, Ohio, for $3.1 million. The property is occupied by Inno-Pak, a supplier of stock and custom packaging for the grocery and food service industry.
The acquisition is part of the McLean, Va.-based Real Estate Investment Trust's strategy of acquiring high-quality industrial assets in its target growth markets.
Inno-Pak has occupied the property since its construction as a build-to-suit for the firm in 2005. The 7.18-acre site is zoned for additional density, providing the opportunity to expand the facility by approximately 50,000 square feet. With closing, Inno-Pak executed a seven-year triple net lease.
“This transaction expands our presence in the target market of Columbus, Ohio, and marks our second quality industrial acquisition in the Delaware sub-market,” Gladstone's Senior Managing Director of the Northeast/Midwest Region Matt Tucker said in a statement. "The property is well located in one of the fastest growing counties in Ohio, is mission critical for the tenant and should provide our investors with long term steady returns."