Firm Buys Property Leased To Pacon Manufacturing
May 18, 2022
// WilmingtonBiz
WILMINGTON– A Virginia-based firm has invested in a local facility leased by Pacon Manufacturing for its headquarters.
Gladstone Commercial Corp. (NASDAQ: GOOD) bought the 345,584-square-foot industrial manufacturing and distribution warehouse, located on nearly 60 acres at 100 Quality Drive in Navassa, for $18.8 million, according to a news release.
The property is 100% leased to Pacon with about 13 years remaining on the lease, the release stated.
Pacon, founded in 1949 and previously based in New Jersey, is a contract manufacturer of household and medical cleaning supplies, including wipes, towels, surgical drapes and other products for a variety of consumer goods companies.
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