Gladstone Commercial Corporation Announces $15.45 Million Office Property Acquisition in Philadelphia, PA
26 June 2017 - 10:15PM
Gladstone Commercial Corporation (NASDAQ:GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
60,016 square foot, Class-A single-tenant office building located
in the Philadelphia, PA suburb of Conshohocken for $15.45 million
dollars.
The acquisition of this property, leased for the
next 8.5 years to Jacobs Engineering Group, Inc. (“Jacobs”),
illustrates Gladstone Commercial’s commitment to acquiring well
located, mission-critical real estate leased to quality tenants.
Jacobs is a publicly-traded, Fortune 500 design and construction
contractor. Jacobs has occupied the building since completion in
1996.
The property was purchased from an affiliate of
Oliver Tyrone Pulver Corporation (“OTP”), the original developer of
the property, and Gladstone Commercial has retained OTP as property
manager post-acquisition. OTP is a privately held commercial real
estate development and management firm with a 40-year history of
developing, operating and managing over 14 million square feet of
first-class office buildings in major cities and suburbs including
Chicago, Cleveland, Pittsburgh and Philadelphia. Robert Fahey and
Jerry Kranzel of CBRE represented OTP in the sale.
“This is our first acquisition in the
Conshohocken submarket of Philadelphia, which continues our
strategic growth in both primary and strong secondary markets in
the U.S.,” said Matt Tucker, Managing Director of Gladstone
Commercial. “The 8.5 years of remaining lease term will provide our
investors attractive stable returns during the primary lease term,
and good upside potential given the high quality of the real
estate, the strength of the Conshohocken submarket 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 closing with
attractive fixed rate debt on our properties. This strategy
protects our going-forward returns should interest rates rise.”
Gladstone Commercial assumed the existing fixed rate mortgage on
the property. The mortgage has approximately 8.8 years of
remaining term and a rate of 3.55%.
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
March 31, 2017, its real estate portfolio consisted of 95
properties located in 24 states, totaling approximately 10.9
million square feet. For additional information please visit
www.gladstonecommercial.com.
For Broker Submittals:
Midwest/Northeast: |
Tennessee/Kentucky/Florida: |
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, 2016, as filed with the SEC
on February 15, 2017. 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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