Gladstone Commercial Announces $5.2 Million Industrial Acquisition in Indianapolis, IN
January 09 2020 - 4:30PM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
64,800 square foot industrial building in Indianapolis, Indiana on
January 8, 2020 for $5.2 million. The initial capitalization rate
for the acquisition was 6.72%, with an average capitalization rate
of 7.24%. Gladstone Commercial issued common units in its operating
partnership to fund a portion of the acquisition.
The property is 100% leased to three tenants
with a weighted average lease term of 7.2 years. The property
provides functional warehouse and distribution space for all three
tenants as well as functional office space for the anchor tenant,
Shambaugh & Son, LP (“Shambaugh”). Shambaugh, a wholly-owned
subsidiary of investment grade rated EMCOR Group, Inc., currently
occupies 70.4% of the building, is the largest MEP construction
services contractor in Indiana, and is ranked the third largest
specialty contractor in the United States. Shambaugh’s
weighted average remaining lease term is 8.5 years. The
remainder of the building is leased by GW Services, LLC and
Insta-Clean, LLC.
The acquisition of this industrial property is
consistent with Gladstone Commercial’s strategy of acquiring
high-quality assets with credit-worthy tenants located in its
targeted growth markets. This is Gladstone Commercial’s fourth
acquisition in the Indianapolis market, and third industrial
acquisition in Indianapolis over the trailing 12 months.
Additionally, the property is Gladstone Commercial’s second
industrial acquisition located in Indianapolis’ Park 100 over the
trailing 12 months.
“We are pleased to continue growing our
industrial presence in the Indianapolis market, a premier
industrial market in the Midwest. This anchored multi-tenant
property is well located in Park 100, a large and established
industrial park with great access to labor and major transportation
routes,” said Matt Tucker, Senior Managing Director and head of the
Northeast/Midwest region for Gladstone Commercial.
Bob Cutlip, President of Gladstone Commercial,
agreed, “This transaction continues our strategy of increasing our
allocation to industrial buildings in target markets such as
Indianapolis, as well as continuing our successful anchored
multitenant program with a highly recognized lead 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: |
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 / 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.gladstone.com.
SOURCE: Gladstone Commercial Corporation
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