HFF announces $8.3 million sale of mission-critical industrial facility near Columbus, OH

Robin Stolberg

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $8.3 million sale of a recently expanded, long-term leased, single-tenant 157,810-square-foot mission-critical industrial facility in the Columbus-area community of Delaware, Ohio.

The HFF team marketed the property for the seller, Agracel.  Gladstone Commercial Corporation purchased the asset. 

The building serves as the company headquarters and primary manufacturing facility for Acoust-A-Fiber, which manufactures acoustic, thermal management lightweight solutions for the automotive industry.

  Situated on 14.7 acres at 759 Pittsburgh Drive, the building is 28 miles from downtown Columbus and 13 miles from Interstate 270, which provides easy access to Interstates 70 and 71 and the entire Midwest.

Kurt Sarbaugh

The HFF investment advisory team representing the seller included senior directors Robin Stolberg and Kurt Sarbaugh along with director Nick Foster, senior director Ken Martin and analyst Sam Berry.

Agracel, Inc is an industrial development company headquartered in Effingham, Illinois with offices in Jackson, Mississippi; Nashville, Tennessee; Columbus, Ohio; and Greenville, South Carolina.

  Over the past 32 years, the company has focused exclusively on partnering with non-urban communities to facilitate job creation and to be a value-added development partner. 

Agracel provides an array of development services such as site selection, build-to-suit turnkey, build-to-suit leasebacks and acquisition leasebacks. 

Nick Foster

Gladstone Commercial Corporation is a publicly traded REIT (NASDAQ: GOOD) that invests in single tenant and anchored multi-tenant net leased industrial and office properties.

 Gladstone invests in properties located in primary and secondary growth markets that possess favorable economic growth trends, diversified industries, growing populations, and strong employment that are leased to credit tenants. 

Gladstone also may invest alongside developers in build-to-suit transactions as well as expansion projects on owned assets.  Gladstone has a track record of success, as exhibited by a history of strong distribution yields, consistent occupancy greater than 96 percent and 10+ years of paying continuous monthly cash distributions. 

More information about Gladstone Commercial can be found at www.gladstonecommercial.com.

CONTACTS:

ROBIN STOLBERG

HFF Senior Director

(312) 528-3650

rstolberg@hfflp.com

KURT SARBAUGH

HFF Senior Director

(312) 528-3650

ksarbaugh@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com