Gladstone Commercial Announces $19.3 Million Industrial Portfolio Acquisition
MCLEAN, VA / ACCESSWIRE / May 5, 2022 / On May 4, 2022, Gladstone Commercial Corporation (NASDAQ:GOOD) acquired a 260,719 square foot, two-property, industrial portfolio, with locations in Fort Payne, AL, and Cleveland, OH, for a gross purchase price of $19.3 million at a GAAP capitalization rate of 6.80%.
The portfolio is 100% leased to Plasman™ with 11.4 years of remaining absolute NNN lease term. Plasman™ produces automotive bumpers, facias, grilles, and exterior trim components for major OEM brands, and is a significant player in the consumer goods market, specializing in precision molding. The acquisition of this industrial portfolio 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 Alabama and Ohio. Both facilities are mission critical assets for a strong tenant, and we are pleased to add two high-quality manufacturing buildings to the portfolio," stated EJ Wislar, Senior Vice President of Gladstone Commercial.
"The acquisition of the facilities continues our strategic expansion into growth markets. This investment is a great addition to our portfolio, improving the weighted average lease term and increasing the allocation of high-quality industrial properties," 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. Both locations are within close proximity to Plasman's customer base, and we are excited to add a new credit-worthy tenant to our portfolio."
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 March 31, 2022, Gladstone Commercial's real estate portfolio consisted of 131 properties located in 27 states, totaling approximately 16.4 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
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Released May 5, 2022