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Gladstone Acquires Distribution Center in North Georgia for $30M

Real estate investment trust Gladstone Commercial Corp. has acquired a 504,400-square-foot industrial distribution center in Crandall, GA. The sales price was $30.3 million.

Constructed in 2020 as a build-to-suit, the facility is nine miles south of the Tennessee border. Currently, the center is fully leased to Haier US Appliance Solutions, a subsidiary of worldwide appliance leader Haier Smart Home. the tenant utilizes the property to import and distribute appliance components through the Appalachian Regional Port via rail from the Port of Savannah.

“This transaction promotes our strategy of increasing our allocation to industrial buildings in strong growth corridors over the next few years, and we are excited to add to the portfolio with high quality real estate occupied by a credit-worthy tenant,” said Bob Cutlip, president of Gladstone.

The seller was not disclosed.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Sale/Acquisition
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