Gladstone Commercial Announces $17.75 Million Industrial Acquisition in Tifton, GA
June 18 2019 - 4:05PM
Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone
Commercial”) announced today that it acquired a 676,031 square foot
industrial distribution center in Tifton, Georgia, for $17.75
million.
The property is 100% leased to Orgill, Inc.
(“Orgill”) with eight and one half (8.5) years of remaining lease
term. Orgill utilizes the property as a domestic and international
hub for the warehousing and distribution of products across the
southeastern United States and internationally via the southeastern
United States port system. The acquisition is consistent with
Gladstone Commercial’s growth strategy of acquiring high-quality,
mission-critical assets with credit-worthy tenants.
The property is utilized to distribute products
along the I-75 distribution corridor and through southeastern
ports.
“The acquisition of the Orgill facility
continues our strategic expansion into strong secondary Georgia
markets. The facility serves as a core distribution hub for Orgill
and is in the Tifton market in Georgia along I-75 directly in the
path of growth between Jacksonville and Atlanta. 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 in strong distribution corridors
over the next few years and we are excited to add to the portfolio
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 March 31, 2019, Gladstone Commercial’s 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:
South
Central: |
Midwest/Northeast: |
Buzz Cooper |
Matt Tucker |
Senior Managing Director |
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 CutlipPresident – Gladstone Commercial
Corporation (703)
287-5878Bob.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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