Gladstone Commercial Corporation Announces Sales of Non-Core Properties
01 February 2019 - 8:10AM
Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone
Commercial”) announced today that it sold its 50,000 square foot
office property located in Orlando, Florida for gross
proceeds of $6.9 million. The single-story class B facility
was purchased by a local business. Gladstone
Commercial purchased the property in 2017 for $5.1
million as part of the 306,435 square foot Maitland Preserve
portfolio. Upon its exit Gladstone Commercial recognized a levered
internal rate of return of approximately 24% on the
investment.
Gladstone Commercial also announced that on
December 26, 2018 it sold its 147,000 square foot industrial
property located in South Hadley, Massachusetts for gross
proceeds of $2.3 million. The single tenant class C industrial
facility was purchased by a local investor. Gladstone
Commercial purchased the property in 2006 for $3.2
million. The property had been encumbered by a series of one year
leases by the tenant. Upon its exit, Gladstone Commercial
recognized a levered internal rate of return of approximately 12%
on the investment.
"These transactions are consistent with our
strategy to divest non-core assets in order to recycle capital as
we grow and maintain an institutional quality portfolio,"
said Brandon Flickinger, Managing Director of Gladstone
Commercial. "We will continue to prioritize high quality assets in
our target markets, and divesting these assets
allowed Gladstone Commercial to achieve attractive
returns for our shareholders."
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
September 30, 2018, its real estate portfolio consisted of 99
properties located in 24 states, totaling approximately 11.6
million square feet. For additional information please visit
www.gladstonecommercial.com
For Broker Submittals:
Midwest/Northeast: |
Southeast/West: |
Matt
Tucker |
Brandon
Flickinger |
Senior Managing
Director |
Managing Director |
(703) 287-5830 |
(703) 287-5819 |
Matt.Tucker@gladstonecompanies.com |
Brandon.Flickinger@gladstonecompanies.com |
|
|
|
|
South/Southwest: |
|
Buzz
Cooper |
|
Senior Managing
Director |
|
(703) 287-5815 |
|
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, 2017, as filed with the SEC
on February 14, 2018 and certain other filings we make with
the SEC. 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.
SOURCE: Gladstone Commercial Corporation
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