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Gladstone Commercial Buys Industrial Service Facility in Texas for $8.125M

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Real estate investment trust Gladstone Commercial (GOOD) has acquired an industrial service facility in Houston, Texas, for $8.125 million.

The average capitalization rate for the 25,200 square foot facility was 7.1%.

Gladstone’s Executive Vice President Buzz Cooper said, “The acquisition of the Mobile Mini facility continues our strategic expansion into our targeted growth locations. The facility serves as a mission-critical location for the tenant.” (See Gladstone Commercial stock chart on TipRanks)

Gladstone’s President Bob Cutlip added, “This transaction promotes our strategy of increasing our allocation to industrial buildings in strong growth corridors and we are happy to add high-quality real estate and credit to the portfolio.”

The acquired facility is currently leased to Mobile Mini Inc., a subsidiary of WillScot Mobile Mini (WSC), and still has about 12.7 years of lease term remaining.

On June 15, B.Riley Financial analyst Craig Kucera reiterated a Buy rating on the stock but increased the price target to $25 (10.7% upside potential) from $23.

Reacting after NAREIT’s REITweek, Kucera thinks that as the world emerges from the COVID-19 pandemic, REITs are generally optimistic about current business and macro trends.

Based on 4 unanimous Buys, consensus among analysts is a Strong Buy. The GOOD average analyst price target of $24 implies 6.3% upside potential. Shares have gained 27.8% so far this year.

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