Gladstone Commercial Corporation Acquires $3.1 Million Industrial Property in Columbus, OH Metro Area
May 06 2019 - 4:05PM
Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
54,430 square foot industrial building in the Columbus submarket of
Delaware, OH for $3.1 million. The initial capitalization rate for
the acquisition is 7.46%, and the average (GAAP) capitalization
rate is 7.93%.
The property is 100% occupied by Inno-Pak, a supplier of both
stock and custom packaging for the grocery and food service
industry. Inno-Pak has occupied the property since its
construction as a build-to-suit for the firm in 2005. The
Property is a highly functional single load configuration featuring
concrete tilt-up construction and 32’ clear height. The 7.18 acre
site is zoned for addition density, providing the opportunity to
expand the facility by approximately 50,000 square feet.
Simultaneous with closing, Inno-Pak executed a seven year,
absolute-NNN lease. The acquisition of the industrial property is
consistent with Gladstone Commercial’s strategy of acquiring
high-quality industrial assets in its target growth markets.
“This transaction expands our presence in the target market of
Columbus, OH, and marks our second quality industrial acquisition
in the Delaware sub-market,” said Matt Tucker, Gladstone
Commercial’s Senior Managing Director of the Northeast/Midwest
Region. “The property is well located in one of the fastest
growing counties in Ohio, is mission critical for the tenant, and
should provide our investors with long term steady returns.”
“This transaction advances our strategy of increasing our
allocation of high quality industrial buildings and we are excited
about continuing to grow 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 March 31, 2019, its real
estate portfolio consisted of 102 properties located in 24 states,
totaling approximately 11.7 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 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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