Gladstone Commercial Announces $30.3 Million Industrial Acquisition in Crandall, GA
March 10 2020 - 4:30PM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it acquired a 504,400 square foot
industrial distribution center in Crandall, GA for $30.3 million on
March 9, 2020. The initial capitalization rate for the acquisition
was 6.3%, with an average capitalization rate of 6.9%.
The property is 100% leased to Haier US
Appliance Solutions, Inc. (DBA GE Appliances), a wholly-owned
subsidiary of worldwide appliance leader Haier Smart Home (SHSE:
600690). Constructed in 2020 as a build-to-suit with ten and
one-half (10.5) years of remaining lease term, the tenant utilizes
the property to import and distribute appliance components through
the Appalachian Regional Port via rail from the Port of Savannah.
The acquisition is consistent with Gladstone Commercial’s growth
strategy of acquiring high-quality, mission-critical assets with
credit-worthy tenants.
“The acquisition of the Haier facility continues
our strategic expansion into our targeted growth locations. The
facility serves as the Tenant’s core import and distribution
facility for its nearby manufacturing facilities across the south.
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. “Further, it kicks off
Gladstone Commercial’s inland port initiative.”
Bob Cutlip, President of Gladstone Commercial,
agreed, “This transaction promotes our strategy of increasing our
allocation to industrial buildings in strong growth 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 December 31, 2019, Gladstone Commercial’s real estate
portfolio consisted of 118 properties located in 28 states,
totaling approximately 14.2 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, 2019, as filed
with the SEC on February 12, 2020 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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