Gladstone Commercial Announces $29.0 Million Industrial Acquisition in Crossville, TN
MCLEAN, VA / ACCESSWIRE / December 27, 2021 / Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") acquired a 300,000 square foot industrial facility, located on 16.3 acres in Crossville, Tennessee, for $29.0 million on December 21, 2021.The property is Gladstone Commercial's second industrial acquisition along the I-40 corridor in Tennessee.
The property is 100% leased to CoLinx, LLC ("CoLinx") with 11.0 years of remaining absolute NNN lease term. The property serves as a mission critical distribution building as a part of CoLinx's central Crossville distribution network and is utilized for packaging, warehousing, and distribution of ball bearings and other mechanical parts on behalf of SKF, Timken, and Schaeffler. The acquisition of the industrial property is consistent with Gladstone Commercial's growth strategy of acquiring functional assets, leased to credit-worthy tenants in strong industrial locations.
"We are excited to continue building our industrial presence in the Southeast. This facility is a functional, mission critical building for a strong tenant, and we are pleased to add another high-quality distribution building to the portfolio," stated EJ Wislar, Senior Vice President of Gladstone Commercial.
"The acquisition of the CoLinx facility is the latest example of Gladstone Commercial's core strategy of acquiring well-positioned assets in strong logistics locations," said Buzz Cooper, Chief Investment Officer of Gladstone Commercial.
Bob Cutlip, President of Gladstone Commercial, agreed, "This transaction builds upon our strategy to increase our portfolio allocation to industrial buildings, and we are glad to welcome another industry-leading tenant to our portfolio."
The property was marketed by Steve Preston of CBRE's Nashville office.
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, 2021, Gladstone Commercial's real estate portfolio consisted of 127 properties located in 27 states, totaling approximately 15.7 million square feet. For additional information please visit www.gladstonecommercial.com .
For Broker Submittals:
|Buzz Cooper||EJ Wislar|
|Chief Investment Officer||Senior Vice President|
|(703) 287-5815||(703) 462-1027|
|Executive Vice President|
Investor or Media Inquiries:
|President - Gladstone Commercial Corporation|
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 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 captions "Forward-Looking Statements" and "Risk Factors" of Gladstone Commercial's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 16, 2021 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. Gladstone Commercial undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
For further information: Gladstone Commercial Corporation, +1-703-287-5893
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstonecompanies.com .
SOURCE: Gladstone Commercial Corporation
View source version on accesswire.com:
Released December 27, 2021