Gladstone Commercial Corporation Completes Project to Reduce Energy Costs at Fort Lauderdale Office Property
April 15 2020 - 4:30PM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it has completed the first phase
of a capital improvement program at 6363 NW Sixth Way in Fort
Lauderdale, Florida, a five-story, 119,224 square foot office
property leased to an investment-grade rated Fortune 1000 company
through October 2025.
Preliminary assessments indicate that the improvements, focused
on high-efficient HVAC equipment, will significantly reduce energy
usage at the building and is projected to reduce the property’s
energy costs by approximately 15%. In addition to this capital
investment, Gladstone Commercial is also in the process of
modernizing the property’s elevator systems. The cost of these
improvements was previously underwritten as a credit to the
acquisition price in 2016.
“We acquired the property in 2016 and are pleased to work with
our engineering consultants, tenant, and stakeholders to provide
improved building operations while reducing operating costs,”
stated Brandon Flickinger, Managing Director of Gladstone
Commercial Corporation.
“Our JLL property management and engineering team has done an
excellent job in identifying opportunities to upgrade the
building,” remarked Greg Yayac, Asset Manager
for Gladstone Commercial. “We feel confident that these
improvements will help in the future in retaining and attracting
tenants.”
About Gladstone Commercial Corporation (Nasdaq:
GOOD)
Gladstone Commercial is a real estate investment trust focused
on acquiring, owning and operating net leased industrial and office
properties across the United States. As of December 31, 2019,
Gladstone Commercial’s real estate portfolio consisted of 118
properties located in 28 states, totaling approximately 14.2
million square feet. For additional information please visit
www.gladstonecommercial.com
For Broker Submittals:
South/Central: |
Southeast/West: |
Buzz Cooper |
Brandon
Flickinger |
Senior Managing Director |
Managing
Director |
(703) 287-5815 |
(703) 287-5819 |
Buzz.Cooper@gladstonecompanies.com |
Brandon.Flickinger@gladstonecompanies.com |
|
|
Midwest/Northeast: |
|
Matt
Tucker |
|
Senior Managing
Director |
|
(703) 287-5830 |
|
Matt.Tucker@gladstonecompanies.com |
|
Investor or Media Inquiries:
Bob Cutlip |
President – Gladstone Commercial
Corporation |
(703) 287-5878 |
Bob.Cutlip@gladstonecompanies.com |
All statements contained in this press release,
other than historical facts, may constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Words such as "anticipates," "expects,"
"intends," "plans," "believes," "seeks," "estimates" and variations
of these words and similar expressions are intended to identify
forward-looking statements. Readers should not rely upon
forward-looking statements because the matters they describe are
subject to known and unknown risks and uncertainties that could
cause the Company's business, financial condition, liquidity,
results of operations, funds from operations or prospects to differ
materially from those expressed in or implied by such statements.
Such risks and uncertainties are disclosed under the caption "Risk
Factors" of the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2019, as filed with the SEC
on February 12, 2020 and certain other filings we make with
the SEC. The Company cautions readers not to place undue
reliance on any such forward-looking statements which speak only as
of the date made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise except as
required by law.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds, please visit
www.gladstone.com.
SOURCE: Gladstone Commercial Corporation
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