Gladstone Commercial Announces Industrial Portfolio Acquisition in Temple, TX
September 27 2019 - 8:30AM
Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
211,000 square foot, two building industrial portfolio in Temple,
Texas on September 26, 2019.
The portfolio, acquired in a sale/leaseback
transaction, is 100% leased to Texas Hydraulics, Inc. (“Texas
Hydraulics”) with a twenty (20) year lease term. Texas Hydraulics
currently uses the two properties for the manufacturing,
warehousing, and distribution of hydraulic cylinders. Texas
Hydraulics has invested more than $35 million in the facilities.
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.
This portfolio consists of two buildings: one
located at 3410 Range Road, a 126,000 square foot facility, and one
located at 3120 Range Road, an 85,000 square foot facility. Texas
Hydraulics plans to continue operating in these facilities for
years to come.
“The acquisition of the Texas Hydraulics
facilities continues our strategic expansion into our target
markets. The facilities serve as the core of the tenant’s
manufacturing business and are well located near Austin, along
I-35. The investment is a great addition to our portfolio,
improving the weighted average lease term and increasing the
allocation of high-quality industrial properties,” said Buzz
Cooper, Senior 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 June 30, 2019, Gladstone Commercial’s real estate portfolio
consisted of 106 properties located in 24 states, totaling
approximately 12.9 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 |
Senior 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.gladstonecompanies.com.
SOURCE: Gladstone Commercial Corporation
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