Gladstone Commercial Corporation Announces $26.4 Million Industrial Property Acquisition in Philadelphia, PA
10 July 2017 - 10:30PM
Gladstone Commercial Corporation (NASDAQ:GOOD) (“Gladstone
Commercial”) reported today that it completed the acquisition of a
300,000 square foot, single-tenant Class-A industrial building
located in Philadelphia, PA for $26.4 million.
The property is leased to the National Archives
and Records Administration (“NARA”) through 2032, with a
termination option beginning in 2027. The property is home to
NARA’s Federal Records Center and The National Archives at
Philadelphia. The lease is fully guaranteed by the United States
Government (S&P, AA+; Moody’s, Aaa) and demonstrates Gladstone
Commercial’s emphasis on acquiring high quality properties leased
to creditworthy tenants.
The mission-critical property serves as the
federal records center for over 80 federal agencies located
throughout the Northeast and MidAtlantic states. In its role as The
National Archives at Philadelphia, the property serves as the
primary retention facility for historically significant records of
federal agencies and courts.
“This high quality industrial acquisition
expands our presence in the Philadelphia market, as well as our
national industrial footprint,” said Matt Tucker, the Managing
Director responsible for the transaction. “The property is
very well located, is mission critical for the tenant, and should
provide our investors with long term steady returns supported by
the investment grade rated credit of the United States
Government.”
The going-in cash capitalization rate for the
transaction is 6.41% and the GAAP capitalization rate is
6.62%. Simultaneously with the acquisition of the property,
Gladstone Commercial closed a $14.9 million 10 year mortgage with a
fixed rate of 3.75%.
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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