Gladstone Commercial Announces $19.1 Million Industrial Portfolio Acquisition in Ocala, FL
April 08 2019 - 4:05PM
Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
383,000 square foot, two industrial building portfolio for $19.1
million in Ocala, Florida on April 5th.
The portfolio, acquired in a sale/leaseback
transaction, is 100% leased to Signature Brands, LLC (“Signature
Brands”) with a twenty (20) year lease term. Signature Brands uses
the two properties for the manufacturing, warehousing, and
distribution across its four different business lines: decorative
baking products, popcorn, PAAS Easter egg decorating kits, and
Pumpkin Masters pumpkin carving kits. Signature Brands has invested
more than $15 million in the popcorn manufacturing facility. The
acquisition of the industrial properties is consistent with
Gladstone Commercial’s growth strategy of acquiring high-quality
assets in growth regions with credit-worthy tenants.
The portfolio consists of two buildings: one
located at 1900 Southwest 38th Avenue, a 207,000 square foot
industrial building built in 2001, and expanded in 2010, which
primarily serves as the popcorn manufacturing and distribution
facility; and one located at 808 Southwest 12th Street, a 176,000
square foot industrial building primarily used for the
manufacturing of decorative baking products. Signature Brands plans
to continue operating in these facilities for years to come.
“The acquisition of the Signature Brands
facilities continues our strategic expansion into strong secondary
Florida markets. The two facilities serve as the core operational
hub for Signature Brands, and are located in the Ocala market in
North Central Florida along I-75 directly in the path of growth
between Jacksonville, Orlando, and Tampa. The investment is a great
addition to the Gladstone portfolio, improving the weighted average
lease term and increasing the allocation of high quality industrial
properties” said Brandon Flickinger, Managing Director for
Gladstone Commercial.
Bob Cutlip, President of Gladstone Commercial,
agreed, “This transaction promotes our strategy of increasing our
allocation to industrial buildings over the next few years and we
are excited to add to the portfolio’s weighted average lease term
with high quality real estate occupied by a credit-worthy
tenant.”
About Gladstone Commercial (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, 2018, its real estate portfolio consisted of 101
properties located in 24 states, totaling approximately 11.7
million square feet. For additional information please visit
www.gladstonecommercial.com.
For Broker Submittals:
South Central: |
Midwest/Northeast: |
Buzz
Cooper |
Matt
Tucker |
Senior Managing
Director |
Managing Director |
(703) 287-5815 |
(703) 287-5830 |
Buzz.Cooper@gladstonecompanies.com |
Matt.Tucker@gladstonecompanies.com |
|
|
Southeast /
Mountain West: |
|
Brandon
Flickinger |
|
Managing Director |
|
(703) 287-5819 |
|
Brandon.Flickinger@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 Gladstone Commercial’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, 2018, as filed
with the SEC on February 13, 2019 and certain other filings we make
with the SEC. Gladstone Commercial 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.
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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