Gladstone Commercial Corporation Announces Property Acquisition in Richardson, TX
10 March 2015 - 7:30AM
Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company")
reported today that it purchased a two-story, 155,984 square foot,
single-tenant office building located in Richardson, Texas for
$24.7 million at an average cap rate of 8.26%.
Located in Dallas's Telecom Corridor, the property has direct
access to North Central Expressway (US-75), President George Bush
Turnpike (SH 190) and LBJ Freeway (I-635) and includes an
above-market parking ratio of 7.31/1,000.
The tenant operates the nation's largest Medicare exchange and
is wholly-owned by leading global professional services firm Towers
Watson & Co. (NYSE:TW). The property lease runs through October
2024.
"This acquisition demonstrates Gladstone Commercial's continued
focus on acquiring single-tenant properties with solid credit in
growing markets," explained Senior Managing Director Buzz Cooper.
"This acquisition brings our Dallas-Ft. Worth MSA portfolio to
seven properties. This is a strong, growing market and we are
actively pursuing more deals in the area."
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=31250 Gladstone
Commercial's real estate portfolio now consists of 97 properties
located in 23 states, totaling approximately 10.8 million square
feet.
For more information regarding Gladstone Commercial's activity
in the Southeast and Texas, please contact Buzz Cooper at
buzz.cooper@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.gladstonecommercial.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, 2014, as filed with the SEC
on February 18, 2015. 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 Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds, please visit
www.gladstone.com.
CONTACT: For further information:
Gladstone Commercial Corporation +1-703-287-5893
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