Gladstone Commercial Announces $5.9 Million Industrial Acquisition in Oklahoma City
MCLEAN, VA / ACCESSWIRE / March 14, 2022 / Gladstone Commercial Corporation (NASDAQ:GOOD) acquired a 56,000 square foot industrial facility, located on three acres in Oklahoma City, Oklahoma, for $5.9 million on March 11, 2022.The property is Gladstone Commercial's second industrial acquisition in Oklahoma.
The property, acquired in a sale/leaseback transaction, is 100% leased to Made By Influence LLC, with seven years of remaining absolute NNN lease term. Made by Influence uses the industrial manufacturing warehouse to produce branded apparel and other custom products as well as short-term storage before final product is shipped to national retail outlets or directly to consumers. The acquisition of the industrial property is consistent with Gladstone Commercial's growth strategy of acquiring functional assets, leased to credit-worthy tenants.
"We are excited to expand our industrial presence in Oklahoma. This facility is a functional, mission critical building for a strong tenant, and we are pleased to add another high-quality manufacturing building to the portfolio," stated EJ Wislar, Senior Vice President of Gladstone Commercial.
"The acquisition of this manufacturing warehouse is the latest example of our core strategy of acquiring well-positioned assets in strong logistic locations. The property's direct proximity to I-44 and I-40 (and just north of the airport) provides a strong distribution location," said Buzz Cooper, Co-President of Gladstone Commercial.
Bob Cutlip, Co-President, agreed, "This transaction builds upon our strategy to increase our portfolio allocation to industrial buildings. We view Oklahoma City as a long-term portfolio growth location and are excited to add a high-quality asset located in an excellent in-fill location."
The property was marketed by Stephen Bailey of JLL's Dallas 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 December 31, 2021, Gladstone Commercial's real estate portfolio consisted of 129 properties located in 27 states, totaling approximately 16.2 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals:
|Buzz Cooper||EJ Wislar|
|Co-President||Senior Vice President|
|(703) 287-5815||(703) 462-1027|
|Executive Vice President|
Investor or Media Inquiries:
|Co-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, 2021, as filed with the SEC on February 15, 2022 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 March 14, 2022