Gladstone Commercial Corporation Announces Sale of Arlington, TX Property for $5.6 million
MCLEAN, Va., Feb. 20, 2018 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) announced today that it sold its 64,000 square foot industrial property located in Arlington, Texas for gross proceeds of $5.6 million. The single tenant class C bakery facility was purchased by the tenant. Gladstone Commercial purchased the property in 2005 for $5.3 million and upon its exit recognized a levered internal rate of return of approximately 15% on its investment.
“This transaction is consistent with our strategy to divest non-core assets in order to recycle capital as we grow and maintain an institutional quality portfolio,” said Buzz Cooper, Senior Managing Director of Gladstone Commercial. “We will continue to prioritize high quality assets in our target markets, and divesting this asset allowed Gladstone Commercial to achieve an attractive return on one of our legacy assets.”
About Gladstone Commercial Corporation:
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, 2017, the Company owned 99 properties located in 24 states, totaling approximately 11.5 million square feet with portfolio occupancy of 98%. Additional information can be found at www.gladstonecommercial.com.
For Broker Submittals:
|Buzz Cooper||Brandon Flickinger|
|Senior Managing Director||Managing Director|
|(703) 287-5830||(703) 287-5819|
|Matt Tucker||Andrew White|
|Managing Director||Managing Director|
|(703) 287-5815||(310) 953-4960|
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.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
SOURCE: Gladstone Commercial Corporation
Released February 20, 2018