Gladstone Commercial Corporation Announces $3.5 Million Industrial Property Acquisition in Indianapolis
05 March 2019 - 8:05AM
Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
34,800 square foot industrial freezer/cooler building in
Indianapolis, IN. The building, which is located in Park 100,
a large industrial park in Indianapolis, is expandable by
approximately 13,000 square feet. The initial capitalization
rate for the acquisition was 7.2%, with an average capitalization
rate of 7.9%.
The property is a freezer/cooler storage and distribution
building, 100% occupied by Indianapolis Fruit Company, Inc.
(“IF&P”). IF&P is a leading produce and food service
distributor in the Midwest, serving over 7,500 customer locations
and over 450 suppliers with a broad range of products and
established logistics and delivery capabilities. IF&P
provides fresh, frozen, and packaged produce varieties, as well as
partially prepared meal components, to a variety of customer types
including grocery stores, restaurants, schools and food management
companies. IF&P recently executed a long-term NNN lease at the
property, with 10 years remaining as of the acquisition date. The
acquisition of the industrial property is consistent with Gladstone
Commercial’s strategy of acquiring high-quality industrial assets
in the Company’s target growth markets.
“This acquisition adds to our overall industrial portfolio and
marks our entry into the industrial sector in Indianapolis, a
target market for us that has emerged as a major domestic logistics
hub,” said Matt Tucker, Gladstone Commercial’s Senior Managing
Director of the Northeast/Midwest Region. “Park 100 is
a well-established industrial park with strong fundamentals that
provides exceptional infrastructure access. There is limited
freezer/cooler space in the Indianapolis market and growing demand,
and we expect that trend to continue to the benefit of our
shareholders with this investment.”
“This acquisition continues our strategy of growing our
industrial allocation by investing in high quality industrial
properties in our target markets,” said Bob Cutlip, President of
Gladstone Commercial.
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 December 31, 2018, its
real estate portfolio consisted of 101 properties located in 24
states, totaling approximately 11.7 million square feet. For
additional information please visit
www.gladstonecommercial.com.
For Broker Submittals:
Southcentral: |
Northeast/Midwest: |
Buzz Cooper |
Matt Tucker |
Senior Managing Director |
Senior Managing Director |
(703) 287-5815 |
(703) 287-5830 |
Buzz.Cooper@gladstonecompanies.com |
Matt.Tucker@gladstonecompanies.com |
|
|
Southeast/Southwest: |
|
Brandon Flickinger |
|
Managing Director |
|
(703) 287-5819 |
|
Brandon.Flickinger@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 Gladstone Commercial’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, 2018, as filed
with the SEC on February 13, 2019 and certain other filings we make
with the SEC. Gladstone Commercial 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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