Gladstone Commercial Corporation Announces $18.5 Million Office Acquisition in Orlando, FL
January 02 2019 - 4:15PM
Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
87,080 square foot, Class-A, three-story office building in the
Orlando, FL suburb of Lake Mary for $18.5 million on December 27,
2018.
The property is 100% leased to CentralSquare
Technologies (“CentralSquare”), through December 2029.
CentralSquare is a newly formed company through the merger of
Superion, TriTech, and the public sector and healthcare business of
Aptean arranged by equity sponsors Bain Capital and Vista Equity
Partners. The acquisition of the property is consistent with
Gladstone Commercial’s growth strategy of acquiring high-quality
assets in strong markets with credit-worthy tenants.
The property consists of a three-story, 87,080
square foot office building that serves as CentralSquare’s new
headquarters.
“This is our second acquisition in the Orlando
MSA, which continues our strategic expansion into both primary and
strong secondary markets in the U.S.,” said Brandon Flickinger,
Managing Director of Gladstone Commercial. “The long-term lease
with CentralSquare will provide attractive stable returns to our
investors over the long term given the attributes of the real
estate and strong macroeconomic drivers of the Orlando
economy.”
Bob Cutlip, President of Gladstone Commercial,
agreed. “This transaction is an excellent acquisition in a strong
growth market. The long-term lease increases the weighted average
lease term of our portfolio, which minimizes near-term re-leasing
costs and ensures the stability of our portfolio cash flow.”
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:
Midwest/Northeast: |
Southeast: |
Matt
Tucker |
Brandon
Flickinger |
Senior Managing
Director |
Managing Director |
(703) 287-5830 |
(703) 287-5819 |
Matt.Tucker@gladstonecompanies.com |
Brandon.Flickinger@gladstonecompanies.com |
|
|
|
|
South/Southwest: |
|
Buzz
Cooper |
|
Senior Managing
Director |
|
(703) 287-5815 |
|
Buzz.Cooper@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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