Gladstone Commercial Corporation Announces Sale of Arlington, TX Property for $5.6 million
February 20 2018 - 8:15AM
Gladstone Commercial Corporation (NASDAQ:GOOD) announced today
that it sold its 64,000 square foot industrial property
located in Arlington, Texas for gross proceeds of $5.6 million. The
single tenant class C bakery facility was purchased by the tenant.
Gladstone Commercial purchased the property in 2005 for $5.3
million and upon its exit recognized a levered internal rate of
return of approximately 15% on its investment.
“This transaction is consistent with our
strategy to divest non-core assets in order to recycle capital as
we grow and maintain an institutional quality portfolio,” said Buzz
Cooper, Senior Managing Director of Gladstone Commercial. “We will
continue to prioritize high quality assets in our target markets,
and divesting this asset allowed Gladstone Commercial to achieve an
attractive return on one of our legacy assets.”
About Gladstone Commercial
Corporation:
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, 2017, the Company owned 99 properties located in 24
states, totaling approximately 11.5 million square feet with
portfolio occupancy of 98%. Additional information can be found at
www.gladstonecommercial.com.
For Broker Submittals:
South/Central: |
Southeast: |
Buzz
Cooper |
Brandon
Flickinger |
Senior Managing
Director |
Managing Director |
(703) 287-5830 |
(703) 287-5819 |
Buzz.Cooper@gladstonecompanies.com |
Brandon.Flickinger@gladstonecompanies.com |
|
|
Midwest/Northeast: |
West: |
Matt
Tucker |
Andrew
White |
Managing Director |
Managing Director |
(703) 287-5815 |
(310) 953-4960 |
Matt.Tucker@gladstonecompanies.com |
Andrew.White@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, 2017, as filed with
the SEC on February 14, 2018 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.
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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