Gladstone Commercial Corporation (NASDAQ: GOOD) said on Tuesday that it had purchased a 50,102 square foot Class A industrial manufacturing, distribution and service facility in Midland, Texas, in a long-term sale-leaseback transaction with a 15-year absolute NNN lease.

The property is entirely leased to a provider of electrical feedthrough connectors, wellhead solutions and related services, targeting E&P operators mostly in the Permian Basin.

“This acquisition aligns well with our strategy of acquiring mission-critical industrial assets in growth markets. Adding a newly constructed facility in a region with a solid, long-term, industrial user-base allows us to diversify our portfolio while strengthening our industrial footprint. This investment not only enhances our weighted average lease term but also reinforces our commitment to the industrial sale-leaseback platform, showcasing our ability to partner with credit-worthy tenants in sectors poised for long-term growth,” Buzz Cooper, President of Gladstone Commercial, said in a press release.

Stock Performance

The shares of Gladstone Commercial Corporation (GOOD) closed 0.59% ($0.09) lower at $15.20 on Nasdaq on Tuesday, as they snapped a six-day streak of gains.

The company’s total market cap now stands at $653.229 million.

The shares of Gladstone Commercial Corporation (GOOD) went down 28.43% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have risen 14.80% so far this year.

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