Gladstone Commercial Corporation Announces $2.8 million Industrial Property Acquisition in Philadelphia Area
February 11 2019 - 4:15PM
Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
26,050 square foot industrial building in Moorestown, NJ
(Philadelphia MSA) for $2.7 million. The initial capitalization
rate for the acquisition was 7.8%, with an average capitalization
rate of 8.8%.
The property is 100% occupied by Shields Business Solutions,
Inc. (“Shields”), a provider of cash logistics and carrier
services, as well as the sale and maintenance of ATMs and other
technologies used in the banking industry. The property, which has
been occupied by Shields since its construction in 1991, houses the
majority of the company’s business operations and serves as its
corporate headquarters. Simultaneous with closing, Gladstone
Commercial and Shields executed a 15 year, absolute-NNN lease. The
acquisition of the industrial property is consistent with Gladstone
Commercial’s strategy of acquiring high-quality assets in growth
regions with credit-worthy tenants.
“This acquisition adds to our quality industrial holdings and
expands our presence in the Philadelphia area, one of our target
markets,” said Matt Tucker, Senior Managing Director of the
Northeast/Midwest Region. “Burlington County is one of
Philadelphia’s strongest submarkets, with exceptional
infrastructure access that will drive long-term demand. The
property is mission critical for the tenant, can be expanded by
approximately 25,000 square feet, and should provide our investors
with long term steady returns.”
“This transaction continues to promote our strategy of
increasing our allocation to industrial buildings while growing our
portfolio in key 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 September 30, 2018, its
real estate portfolio consisted of 99 properties located in 24
states, totaling approximately 11.6 million square feet. For
additional information please visit
www.gladstonecommercial.com.
For Broker Submittals:
Southcentral: |
Northeast/Midwest: |
Buzz
Cooper |
Matt
Tucker |
Senior Managing
Director |
Senior Managing
Director |
(703) 287-5815 |
(703) 287-5830 |
Buzz.Cooper@gladstonecompanies.com |
Matt.Tucker@gladstonecompanies.com |
|
|
Southeast/Southwest: |
|
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 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
Gladstone Commercial (NASDAQ:GOOD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Gladstone Commercial (NASDAQ:GOOD)
Historical Stock Chart
From Sep 2023 to Sep 2024