Gladstone Commercial Corporation Completes $900,000+ Financing For Energy Saving Improvements at Columbus, OH Property
September 09 2019 - 4:05PM
Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone
Commercial”) announced today that it has completed an improvement
financing via the Property Assessed Clean Energy (“PACE”) program
at 7450 Huntington Park Drive, a four-story, 114,786 square foot
office property that serves as the headquarters for Quantum Health,
Inc. The financing covers 100% of the costs to convert the
entire building to LED lighting, install new energy conserving HVAC
equipment, and implement a robust energy management system to allow
for continued refinement of energy saving strategies over the life
of the equipment.
Preliminary assessments indicate that these improvements will
reduce the property’s energy costs by more than 18% and eliminate
429 metric tons of carbon dioxide emissions. “This creative
financing program allows Gladstone Commercial to provide
significantly improved comfort for its tenant while reducing their
occupancy costs and at the same time helping the environment. “We
were able to make all of the improvements without putting
additional debt on the building, as the repayments for the
financing come from supplemental property tax assessments,” said
Karen Priesman, Senior Asset Manager for the Midwest region for
Gladstone Commercial.
“We are pleased to work with our tenants, the community and our
engineering consultants to provide improved building operations
while reducing costs and increasing the environmental
sustainability of our portfolio,” said Gregory Yayac, Asset Manager
and lead for energy savings programs for Gladstone Commercial.
“This is truly a win for all constituents –shareholders, tenant,
landlord, utilities, and the environment.”
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, its 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:
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.gladstonecompanies.com.
SOURCE: Gladstone Commercial Corporation
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