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Chicago & Midwest  + Midwest  + Industrial  |  November 5, 2018
Paul Bubny
By: Paul Bubny

Gladstone Makes 1st UPREIT Buy with Detroit-Area Industrial

Gladstone Commercial Corporation has completed the acquisition of a two building, 218,703-square-foot industrial portfolio in the Detroit suburbs of Auburn Hills and Sterling Heights, MI for $21.3 million through an UPREIT transaction. Gladstone’s first UPREIT deal brings the company’s Detroit-area portfolio to more than 900,000 square feet.

The portfolio is 100% leased with a weighted average lease term of 10.5 years. The 144,400-square-foot Auburn Hills property is leased for 10.2 years to Dana Driveshaft Manufacturing, a subsidiary of Dana Incorporated. The 74,303-square-foot Sterling Heights property is 100% occupied under a 10.9-year lease by TransForm Automotive, a subsidiary of Means Industries, which guarantees the lease.

“The Detroit Area industrial market fundamentals are favorable, with a vacancy rate below 5%, and long-term trends of positive absorption and rent growth,” said Gladstone’s Matt Tucker. “This investment should provide accretive, long-term returns to our investors, while increasing our industrial concentration and weighted average lease term.”


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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