Gladstone Commercial Announces Industrial Acquisition in Indianapolis, IN
MCLEAN, VA / ACCESSWIRE / November 6, 2023 / Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") recently acquired a 67,709 square foot industrial manufacturing facility in Indianapolis, Indiana at a weighted GAAP capitalization rate of 10.1%.
The property was acquired in a long-term sale leaseback transaction with a 20-year absolute NNN lease. The property is 100% leased to Systec Corporation with a parent guarantee from Inspire Automation, an industry leader in corrugated material handling and automation solutions. The acquisition is consistent with Gladstone Commercial's growth strategy of acquiring functional assets leased to credit-worthy tenants in strong industrial markets.
"We are excited to continue expanding our Indianapolis portfolio with a highly functional, well-located industrial asset that is mission critical to another quality tenant," stated Ryan Carter, Executive Vice President of Gladstone Commercial.
"This transaction provides yet another case study for our industrial sale leaseback platform. The lease improves our portfolio's weighted average lease term, increases our industrial concentration, and provides a long-term presence in the growing Indianapolis MSA," said Buzz Cooper, President of Gladstone Commercial.
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, 2023, Gladstone Commercial's real estate portfolio consisted of 135 properties located in 27 states, totaling approximately 17.2 million square feet. For additional information, please visit www.gladstonecommercial.com.
For Broker Submittals:
|EJ Wislar||Todd Alan McDonald|
|Chief Investment Officer||Senior Vice President|
|(703) 462-1027||(703) 287-5895|
|Executive Vice President|
Investor or Media Inquiries:
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 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 made 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, except as required by law.
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 November 6, 2023