Gladstone Commercial Corporation Announces $18.5 Million Office Acquisition in Orlando, FL
MCLEAN, Va., Jan. 02, 2019 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone Commercial”) announced today that it completed the acquisition of a 87,080 square foot, Class-A, three-story office building in the Orlando, FL suburb of Lake Mary for $18.5 million on December 27, 2018.
The property is 100% leased to CentralSquare Technologies (“CentralSquare”), through December 2029. CentralSquare is a newly formed company through the merger of Superion, TriTech, and the public sector and healthcare business of Aptean arranged by equity sponsors Bain Capital and Vista Equity Partners. The acquisition of the property is consistent with Gladstone Commercial’s growth strategy of acquiring high-quality assets in strong markets with credit-worthy tenants.
The property consists of a three-story, 87,080 square foot office building that serves as CentralSquare’s new headquarters.
“This is our second acquisition in the Orlando MSA, which continues our strategic expansion into both primary and strong secondary markets in the U.S.,” said Brandon Flickinger, Managing Director of Gladstone Commercial. “The long-term lease with CentralSquare will provide attractive stable returns to our investors over the long term given the attributes of the real estate and strong macroeconomic drivers of the Orlando economy.”
Bob Cutlip, President of Gladstone Commercial, agreed. “This transaction is an excellent acquisition in a strong growth market. The long-term lease increases the weighted average lease term of our portfolio, which minimizes near-term re-leasing costs and ensures the stability of our portfolio cash flow.”
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:
|Matt Tucker||Brandon Flickinger|
|Senior Managing Director||Managing Director|
|(703) 287-5830||(703) 287-5819|
|Senior Managing Director|
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 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.
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SOURCE: Gladstone Commercial Corporation
Released January 2, 2019