Gladstone Commercial Corporation Acquires $8.3 Million Industrial Property in Delaware, Ohio
September 20 2018 - 4:15PM
Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
157,810 square foot industrial building in Delaware, OH (within the
Columbus MSA) for $8.3 million. The initial capitalization
rate for the acquisition is 7.68%, and the average (GAAP)
capitalization rate is 9.18%.
The property is 100% occupied by Midwest Acoust-A-Fiber, a
designer and manufacturer of thermal and acoustical engineering
products for high temperature insulation and noise suppression for
the automotive industry. Acoust-A-Fiber has occupied the property
since its construction in 1990, and has expanded the facility twice
(once in 2016 and again in 2018). Simultaneous with closing,
Acoust-A-Fiber executed a lease extension, bringing the remaining
term of the absolute-NNN lease to 15 years.
“This quality industrial acquisition expands our presence in the
target market of Columbus, OH, as well as our national industrial
portfolio,” said Matt Tucker, Senior Managing Director of the
Northeast/Midwest Region. “The property is well located in
the path of growth with exceptional infrastructure access, is
mission critical for the tenant, and should provide our investors
with long term steady returns.”
“This transaction promotes our strategy of increasing our
allocation to industrial buildings over the next few years and we
are excited about growing our portfolio in Columbus, one of our
target markets,” said Bob Cutlip, President of Gladstone
Commercial.
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 June 30, 2018, its real
estate portfolio consisted of 98 properties located in 24 states,
totaling approximately 11.4 million square feet. For additional
information please visit www.gladstonecommercial.com.
For Broker Submittals:
Southwest: |
Southeast: |
Buzz
Cooper |
Brandon
Flickinger |
Senior Managing
Director |
Managing Director |
(703) 287-5815 |
(703) 287-5819 |
Buzz.Cooper@gladstonecompanies.com |
Brandon.Flickinger@gladstonecompanies.com |
|
|
West: |
Midwest/Northeast: |
Andrew
White |
Matt
Tucker |
Managing Director |
Senior Managing
Director |
(310) 953-4960 |
(703) 287-5830 |
Andrew.White@gladstonecompanies.com |
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, 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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