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Single-Tenant Industrial Building in Philadelphia Sold to Gladstone Commercial Corporation
Philadelphia - July 26, 2017 - CBRE announced today that is has successfully arranged for the sale of a 300,000 square-foot single-tenant industrial building located in Philadelphia, Pennsylvania. The property was purchased by Gladstone Commercial Corporation (NASDAQ: GOOD) from PNC Realty Investors, Inc., as investment advisor to the AFL-CIO Building Investment Trust.
The property is leased to the National Archives and Records Administration ("NARA") through 2032, with a termination option beginning in 2027. The property is home to NARA's Federal Records Center and The National Archives at Philadelphia. The lease is fully guaranteed by the United States Government (S&P, AA+; Moody's, Aaa). This 300,000 square-foot build-to-suit warehouse facility sits on a 30.3-acre site with the ability to accommodate future expansion.
Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets' Institutional Properties team and CBRE National Partners, represented the seller during the transaction. Executive Vice President Jeffrey Shell, part of CBRE's Corporate Capital Markets, assisted with the sale.