Gladstone Commercial Corporation Announces Property Acquisition in Scranton, PA
10 June 2014 - 11:05PM
Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company")
reported today that it purchased a 955,935 square foot bulk
distribution warehouse located in Taylor, PA for $39.0 million at
an average cap rate of 8.7%. The property is occupied by a regional
third-party logistics company under a ten-year absolute net
lease.
"This acquisition is consistent with our strategic decision to
focus our acquisition efforts on high-quality, functional
properties in primary and strong secondary markets" said Matt
Tucker, Managing Director of the Company. "The property is a
high-quality front-loading distribution building, with 35-foot
clear heights and 169 dock doors. We believe that this
property, located in the Northeastern Pennsylvania submarket of the
I-81 distribution corridor, a very strong primary distribution
market, will provide stable long-term accretive returns to our
shareholders."
Gladstone Commercial's real estate portfolio now consists of 93
properties located in 23 states, totaling approximately 10.5
million square feet.
For more information regarding Gladstone Commercial's activity
in the Northeastern and Mid-Western U.S., please contact Matt
Tucker at matt.tucker@gladstonecompanies.com.
Gladstone Commercial Corporation is a real estate investment
trust (REIT) that invests in and owns net leased industrial,
commercial and retail real property. Additional information
can be found at www.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 Company'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, 2013, as filed with the SEC
on February 18, 2014. The Company 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 further information: Gladstone Commercial Corporation
+1-703-287-5893
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds, please visit
www.gladstone.com.
Gladstone Commercial (NASDAQ:GOOD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gladstone Commercial (NASDAQ:GOOD)
Historical Stock Chart
From Jul 2023 to Jul 2024