Yanfeng Automotive Technology U.S. has sold the three industrial buildings at 42050, 42150 and 42200 Executive Drive in Harrison Township, Michigan, totaling 215,102 square feet to Gladstone Commercial Corp. for nearly $16.3 million, or $75 per square foot. Yanfeng, a global supplier of auto interiors, exteriors, seating, cockpit electronics and passive safety systems, agreed to a leaseback for 100% of the property. The sales came with a 9.59% capitalization rate due to the terms of the sale leaseback.
Gladstone Commercial acquires three industrial properties northeast of Detroit
Yanfeng Automotive Technology retains use of production, warehouse space in leaseback
RELATED ARTICLES
This news story is available exclusively to CoStar subscribers.
Watch the video to learn how you can access industry leading CRE news and the data analytics you need to drive success.
This news story is available exclusively to CoStar subscribers.
Ready to Learn More?
Sign Up For a Personalized Demo.
Sign Up For a Demo To Learn More.
Already A Subscriber? Sign In
IN THIS ARTICLE
- Companies
- Yanfeng
Manufacturing
- Gladstone Commercial Corporation
Real Estate
- Contacts
- Ryan Carter
Executive VP, Head of West & Midwest Regions, Gladstone Commercial Corporation
- Michael Kleinheksel
Chief Financial Officer, Yanfeng Automotive Technology US