Gladstone Commercial Announces $12.8 Million Industrial Acquisition in the Charlotte, North Carolina MSA
MCLEAN, VA / ACCESSWIRE / November 3, 2021 / Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") acquired a 161,458 square foot industrial facility on 20.45 acres in Monroe, North Carolina for $12.8 million on November 3, 2021.The property is Gladstone Commercial's third industrial acquisition in the Charlotte, North Carolina MSA.
The property is 100% leased to Assa Abloy Entrance Systems, U.S., Inc. ("Assa Abloy") with 7.9 years of remaining absolute NNN lease term. The property serves as Assa Abloy's North American headquarters and is utilized for manufacturing and distribution of its access/entrance products and solutions. 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 the North American headquarters for a strong tenant, and we are pleased to add another Charlotte-area property to the portfolio," stated EJ Wislar, Senior Vice President of Gladstone Commercial.
"The acquisition of the Assa Abloy facility is the latest example of Gladstone Commercial's core strategy of acquiring well-positioned, mission critical assets in our target markets," 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 such a well-regarded tenant to our portfolio."
The property was marketed by Pete Pittroff of JLL Capital Markets.
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.
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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.
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Released November 3, 2021