Is Paying A Price For A Valuation That Was Only Recently Achieved With New Leases OK?

[Scot Burns]

TLDR - does it make a difference to you if a commercial property is being offered at a multiple when all of it's leases are less than a year old and only for a year and previously rents were 50% lower.

I'm looking at a property (industrial warehouse) that has about 23,000sf of rentable space. Rent was about $0.85 for years, and it seems that in order to sell, they have just recently signed all 20 tenants up with 6-mo. to 1-yr leases at $1.25. This has obviously inflated the gross, profit, and cap rate by a bunch. 

How do you feel about paying the new "market rate" for the property vs. something that is more reflective of where it was. Do I just need to get over the "money grab" feeling and accept that I'm buying at what it should sell for, OR, am I justified in not feeling very good about the history of the new rents that are drastically higher than they were before and fear that some tenants might not be able to handle the higher rents especially with a recession on the horizon? 

I know in mobile Home Parks (which I'm much more familiar with), this sort of turnaround happens all the time. A person buys a mis-managed park, cleans it up, raises rents, and the park goes from a $500K purchase to being sold for $1.2M 2 years later. But those are people living in homes, not just small businesses that can pick up and move across town a lot easier. 

Thoughts?