Gladstone Commercial acquires Pennsylvania building for $25 million
McLean-based Gladstone Commercial Corp. has completed the acquisition of a 103,334-square-foot Class-A office building in Pennsylvania for $25.5 million.
The property, located in the Philadelphia suburb of King of Prussia, is leased for 15 years to Radial Inc. The building serves as Radial’s corporate headquarters.
Radial provides logistics and related services to support traditional retailers’ and consumer products companies’ e-commerce business. Radial is the recently combined operations of eBay Enterprise and Innotrac.
“This is our first acquisition in the King of Prussia submarket of Philadelphia, which continues our strategic expansion into both primary and strong secondary markets in the U.S.,” Matt Tucker, Gladstone’s managing director, said in a statement.
Gladstone is a real estate investment trust focused on acquiring, owning and operating net-leased industrial and office properties across the United States. Its real estate portfolio includes 96 properties in 24 states totaling approximately 11 million square feet.