Gladstone Commercial Announces $8 million Industrial Acquisition in Carrollton, GA
24 December 2019 - 8:30AM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
117,000 square foot industrial building in Carrollton, Georgia on
December 17, 2019, for $8 million. The initial capitalization rate
for the acquisition was 6.6%, with an average capitalization rate
of 7.4%.
The property, acquired in a sale/leaseback
transaction, is 100% leased to Superior Recreation Products and
guaranteed by PlayCore with a twelve year lease term. Superior
Recreation Products utilizes the property to assemble and
distribute its industry leading recreation and shade products. The
property was newly constructed in 2019. The acquisition of the
industrial property is consistent with Gladstone Commercial’s
growth strategy of acquiring high-quality assets in growth regions
with credit-worthy tenants.
“The acquisition of the PlayCore facility
continues our strategic expansion into our target markets. The
facility serves as a mission-critical component of the tenant’s
business and is well located near Atlanta, along I-20. The
investment is a great addition to our portfolio, improving the
weighted average lease term and lowering the average property age
within the portfolio,” said Buzz Cooper, Senior Managing Director
for Gladstone Commercial.
Bob Cutlip, President of Gladstone Commercial,
agreed, “This transaction promotes our strategy of increasing our
allocation to industrial buildings over the next few years and we
are excited to add to the portfolio’s weighted average lease term
with high quality real estate occupied by a credit-worthy
tenant.”
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, 2019, Gladstone Commercial’s real estate
portfolio consisted of 109 properties located in 24 states,
totaling approximately 13.1 million square feet. For additional
information please visit www.gladstonecommercial.com.
For Broker Submittals:
South Central: |
Midwest/Northeast: |
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 / Mountain
West: |
|
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.gladstonecompanies.com.
SOURCE: Gladstone Commercial Corporation
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