Mar
12
Gladstone Acquires Central AL Industrial Asset
ByLocated 20 miles from Tuscaloosa, the building encompasses more than 125,000 square feet of manufacturing and distribution space, purpose-built for Truck and Wheel USA Corp.
Gladstone Commercial Corp. has acquired a 127,444-square-foot industrial property from Graham & Co. in Vance, Ala., for $14.3 million. The initial cap rate for the structure was 6.98 percent, with an average cap rate of 7.62 percent.
Located at 11198 Will Walker Road, the property sits on a 14-acre parcel just north of Interstate 20 at the M-Class Boulevard exit. The build-to-suit asset is fully leased to Truck and Wheel USA Corp. for a 10-year term. The company, which moved into the building at the beginning of January, is providing wheels and tires to the expanding Tuscaloosa Mercedes-Benz facility in the area. The main buildings of the Mercedes-Benz campus are situated within two miles, and the city of Tuscaloosa is 20 miles to the west…
