Gladstone Commercial Announces $17.75M Industrial Acquisition in Tifton

Staff Report From Tifton CEO

Thursday, June 20th, 2019

Gladstone Commercial Corporation announced that it acquired a 676,031 square foot industrial distribution center in Tifton, Georgia, for $17.75 million.

The property is 100% leased to Orgill, Inc.with eight and one half (8.5) years of remaining lease term. Orgill utilizes the property as a domestic and international hub for the warehousing and distribution of products across the southeastern United States and internationally via the southeastern United States port system. The acquisition is consistent with Gladstone Commercial’s growth strategy of acquiring high-quality, mission-critical assets with credit-worthy tenants.

The property is utilized to distribute products along the I-75 distribution corridor and through southeastern ports.

“The acquisition of the Orgill facility continues our strategic expansion into strong secondary Georgia markets. The facility serves as a core distribution hub for Orgill and is in the Tifton market in Georgia along I-75 directly in the path of growth between Jacksonville and Atlanta. The investment is a great addition to our portfolio, improving the weighted average lease term and increasing the allocation of high-quality industrial properties,” said Buzz Cooper, Senior Managing Director for Gladstone Commercial.

Bob Cutlip, President of Gladstone Commercial, agreed, “This transaction promotes our strategy of increasing our allocation to industrial buildings in strong distribution corridors over the next few years and we are excited to add to the portfolio with high quality real estate occupied by a credit-worthy tenant.”