Gladstone Commercial Announces Industrial Portfolio Acquisition
December 19 2019 - 4:30PM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
509,211 square foot, six building industrial portfolio with
locations in San Antonio, TX; Albuquerque, NM; New Orleans, LA;
Baton Rouge, LA; Tucson, AZ on December 17, 2019.
The portfolio, acquired in a sale/leaseback
transaction, is 100% leased to a global leader in the records
storage industry with a 10 year lease term. 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. The warehouses serve as regional hubs
for the tenant within its core North American business segment, and
each location generates a significant recurring revenue stream. The
tenant plans to continue operating in these facilities for years to
come.
“The acquisition of the facilities continues our
strategic expansion into markets with increasing industrial demand.
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 Brandon Flickinger,
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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