Gladstone Commercial Corporation acquires property in Texas
Gladstone Commercial Corporation has purchased the National Archives and Records Administration's (NARA) Southwest Region Records Center, a 208,234 square foot building located in Fort Worth, Texas, for USD20m.
The property is comprised of office and research areas, which are open to the public, as well as both paper and electronic records archival storage space.
The property serves as the federal records centre for the NARA's Southwest Region and provides storage for records created or received by over 100 federal agencies located in Arkansas, Louisiana, Oklahoma, and Texas, including US district and bankruptcy courts and the Internal Revenue Service. NARA has been part of the Fort Worth community for over 50 years.
The long-term lease is fully guaranteed by the US Government.
"We are excited to add an asset and tenancy of this high quality to our portfolio, continuing our growth in 2012," says Chris Massey, the managing director responsible for the transaction.