Gladstone Commercial Corporation Announces Sale of Pittsburgh, PA Office Building
MCLEAN, VA / ACCESSWIRE / July 27, 2023 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") announced today that it has sold its 26,080 square foot Pittsburgh, Pennsylvania office building.
Gladstone Commercial realized a leveraged internal rate of return of approximately 18% on the investment, which it originally acquired in 2011.
"We completed an early lease extension with the current tenant, which enabled us to capitalize on the sale with significant term remaining, which was attractive to the market," said EJ Wislar, Chief Investment Officer of Gladstone Commercial.
"The Matthews Real Estate Investment Services team of Charles Borges and Andrew Gross did a great job in sourcing a strong offer," stated Greg Yayac, Senior Vice President of Gladstone Commercial. "We are very pleased with the result."
"This sale furthers our capital recycling plan as we continue to re-position our portfolio," added Buzz Cooper, President of Gladstone Commercial.
About Gladstone Commercial Corporation (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, 2023, Gladstone Commercial's real estate portfolio consisted of 137 properties located in 27 states, totaling approximately 17.2 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals: Investor or Media Inquiries:
|EJ Wislar||Buzz Cooper|
|Chief Investment Officer||President|
|(703) 462-1027||(703) 287-5815|
For Asset Management Matters:
|Senior Vice President / Director|
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 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 caption "Risk Factors" of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC on February 22, 2023, 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. 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 further information:
Gladstone Commercial Corporation, (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 July 27, 2023