Gladstone Acquires Central AL Industrial Asset
- Mar 12, 2018
Gladstone Commercial Corp. has acquired a 127,444-square-foot industrial property from Graham & Co. in Vance, Ala., for $14.3 million. The initial cap rate for the structure was 6.98 percent, with an average cap rate of 7.62 percent.
Located at 11198 Will Walker Road, the property sits on a 14-acre parcel just north of Interstate 20 at the M-Class Boulevard exit. The build-to-suit asset is fully leased to Truck and Wheel USA Corp. for a 10-year term. The company, which moved into the building at the beginning of January, is providing wheels and tires to the expanding Tuscaloosa Mercedes-Benz facility in the area. The main buildings of the Mercedes-Benz campus are situated within two miles, and the city of Tuscaloosa is 20 miles to the west.
“The acquisition of the Truck and Wheel property marks our second in the Vance, Ala. market. The strong fundamentals of the market due to the nearby Mercedes-Benz plant and Truck and Wheel’s dedication to the property through the company’s $35 million investment make this investment a great addition to the Gladstone portfolio,” said Buzz Cooper, southwest regional senior managing director of Gladstone Commercial, in a prepared statement.
Sonny Culp and Henry Graham of Graham & Co. worked alongside Doug Longyear of Cushman & Wakefield to represent the seller in the transaction.