Gladstone Commercial Corporation Announces $25.5 Million Office Property Acquisition in Philadelphia, PA
16 December 2016 - 12:15AM
Gladstone Commercial Corporation (NASDAQ:GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
103,334 square foot, single-tenant Class-A office building located
in the Philadelphia, PA suburb of King of Prussia for $25.5 million
at an average cap rate of 8.7%.
The acquisition of this property, leased for 15
years to Radial, Inc. (“Radial”), illustrates Gladstone
Commercial’s commitment to acquiring mission-critical real estate
leased to quality tenants. Radial provides logistics and related
services to support traditional retailers’ and consumer products
companies’ e-commerce business. Radial is the recently combined
operations of eBay Enterprise and Innotrac. The property serves as
Radial’s corporate headquarters.
“This is our first acquisition in the King of
Prussia submarket of Philadelphia, which continues our strategic
expansion into both primary and strong secondary markets in the
U.S.,” said Matt Tucker, Managing Director of Gladstone Commercial.
“The 15-year triple-net lease to Radial will provide attractive
stable returns to our investors over the long term given the
attributes of the real estate and strong macroeconomic drivers of
the Philadelphia economy.”
Bob Cutlip, President of Gladstone Commercial,
agreed, “This transaction is an excellent acquisition in a sound
market and continues our historical program of placing attractive
fixed rate debt on our properties. This strategy protects our
going-forward returns should interest rates rise.”
About Gladstone Commercial Corporation
(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.
Gladstone Commercial’s real estate portfolio consists of 96
properties located in 24 states, totaling approximately 11.0
million square feet. For additional information please visit
www.gladstonecommercial.com.
For Broker Submittals:
Midwest/Northeast: |
|
Tennessee/Kentucky: |
Matt
Tucker |
|
Brandon
Flickinger |
Managing Director |
|
Director |
(703) 287-5830 |
|
(703) 287-5819 |
Matt.Tucker@gladstonecompanies.com |
|
Brandon.Flickinger@gladstonecompanies.com |
|
|
|
West: |
|
South/Southwest: |
Andrew
White |
|
Buzz
Cooper |
Managing Director |
|
Senior Managing
Director |
(310) 953-4960 |
|
(703) 287-5815 |
Andrew.White@gladstonecompanies.com |
|
Buzz.Cooper@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 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, 2015, as filed with the SEC
on February 17, 2016. 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.
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