Gladstone Commercial Announces Industrial Portfolio Acquisition
January 28 2020 - 4:30PM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
320,838 square foot, three building industrial portfolio with
locations in Houston, Texas; Charlotte, North Carolina; and St.
Charles, Missouri on January 27, 2020.
The portfolio, acquired in a sale/leaseback
transaction, is 100% leased to Eastern Metal Supply Holdings, Inc.
(“Eastern Metal Supply”) with a twenty (20) year lease term.
Eastern Metal Supply uses the three properties for the warehousing
and distribution of aluminum extrusions. 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 is Gladstone Commercial’s second
transaction with a Wynnchurch Capital sponsored company.
This portfolio consists of buildings located at
9400 Telge Road, Houston, Texas, a 137,960 square foot facility, at
2925 Stewart Creek Boulevard, Charlotte, North Carolina, a 114,978
square foot facility, and 2931 Elm Point Industrial Drive, St.
Charles, Missouri, a 67,900 square foot facility. Eastern Metal
Supply plans to continue operating in these facilities for years to
come.
“The acquisition of the facilities continues our
strategic expansion into growth markets. 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 September 30, 2019, Gladstone Commercial’s real estate
portfolio consisted of 109 properties located in 24 states,
totaling approximately 13.1 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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