Gladstone Commercial announced the acquisition of a 153,890 square foot industrial property in Newport News, Virginia, for $22.75 million, expanding the company’s industrial real estate portfolio with a mission-critical asset leased to a subsidiary of Huntington Ingalls Industries (HII), the largest shipbuilder in the United States.
The facility is fully leased under a long-term net lease agreement and supports operations tied to American shipbuilding and the U.S. Navy. Gladstone Commercial noted that the acquisition was funded through internally generated cash flow without the need for additional equity issuances. The company also said it maintains significant liquidity through cash on hand and its line of credit to continue pursuing industrial acquisition opportunities.
Gladstone Commercial said the property’s location and operational profile align with the needs of HII’s Newport News Shipbuilding division and broader manufacturing activities. The company added that the acquisition further increases the industrial concentration within its portfolio while contributing to industrial cash and straight-line rents.
Gladstone Commercial is a real estate investment trust focused on acquiring, owning, and operating net-leased industrial and office properties throughout the United States. As of March 31, 2026, the company’s portfolio included 151 properties across 27 states totaling approximately 17.7 million square feet.
KEY QUOTES:
“We are excited to expand our industrial portfolio with a quality asset on a long-term lease to a strong, creditworthy tenant and mission-critical to American shipbuilding and the U.S. Navy.”
Nick Lindsay, Vice President, Gladstone Commercial
“The property’s characteristics and location make it well suited for HII’s Newport News Shipbuilding division, and general manufacturing operations. The asset and tenant are great additions to our industrial portfolio.”
Greg Yayac, Senior Vice President, Gladstone Commercial
“We continue to focus on well-located industrial assets supported by a disciplined underwriting process. This transaction reflects our commitment to strategically expanding our portfolio and allows us to grow through internally generated capital without external equity issuances. The transaction not only increases the quality of our portfolio but increases industrial cash and straight-line rents as well.”
Buzz Cooper, Chief Executive Officer and President, Gladstone Commercial
