Gladstone Commercial acquires Texas industrial portfolio

Gladstone Commercial Corp. has acquired a 211,000-square-foot, two-building industrial portfolio in Temple, Texas.

“The acquisition of the Texas Hydraulics facilities continues our strategic expansion into our target markets. The facilities serve as the core of the tenant’s manufacturing business and are well located near Austin, along I-35. 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.

The portfolio, acquired in a sale-leaseback transaction, is 100 percent leased to Texas Hydraulics, with a 20-year lease term. Texas Hydraulics currently uses the two properties for the manufacturing, warehousing and distribution of hydraulic cylinders. Texas Hydraulics has invested more than $35 million in the facilities. The acquisition of the industrial properties is consistent with Gladstone Commercial’s growth strategy of acquiring high-quality assets in growth regions with credit-worthy tenants.

This portfolio consists of two buildings: a 126,000-square-foot facility located at 3410 Range Road, and an 85,000-square-foot facility located at 3120 Range Road. Texas Hydraulics plans to continue operating in these facilities for years to come.