Gladstone Commercial Corporation Announces Property Acquisitions in Birmingham, AL
March 23 2015 - 4:05PM
Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company")
reported today that it purchased a single-story, 30,850 square
foot, single-tenant office building located in Birmingham, Alabama
for $3.65 million at an average cap rate of 9.12%. Approximately
15% of the building is dedicated datacenter space.
The building is fully leased to TekLinks, Inc., a leading and
growing provider of Information Technology ("IT") consulting and
technology-related services to businesses in the Gulf South. The
lease runs through July 2023. The property is located 6.5 miles
south of the Birmingham central business district ("CBD") and
serves as TekLinks' headquarters. The property is adjacent to I-65,
which allows the tenant quick access to its customers in both the
CBD and the southern Birmingham suburbs. TekLinks operates six
additional locations in Alabama, Mississippi and Tennessee.
"This acquisition demonstrates Gladstone Commercial's continued
focus on acquiring properties with solid credit tenants in primary
and secondary markets," explained Senior Managing Director Buzz
Cooper. "This is our third acquisition in the Birmingham MSA, which
is a steady, growing market. We are actively pursuing more deals in
the area."
Gladstone Commercial's real estate portfolio now consists of 98
properties located in 23 states, totaling approximately 10.8
million square feet.
For more information regarding Gladstone Commercial's activity
in the Southeast and Texas, please contact Buzz Cooper at
buzz.cooper@gladstonecompanies.com
Gladstone Commercial Corporation is a real estate investment
trust (REIT) that invests in and owns net leased industrial,
commercial and retail real property. Additional information can be
found at www.gladstonecommercial.com.
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 Company'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, 2014, as filed with the SEC
on February 18, 2015. The Company 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 Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds, please visit
www.gladstone.com.
CONTACT: For further information:
Gladstone Commercial Corporation +1-703-287-5893
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