Gladstone Commercial Corporation Announces $23.9 Million Office Property Acquisition in Fort Lauderdale, FL
September 14 2016 - 8:30AM
Gladstone Commercial Corporation (NASDAQ:GOOD) (“Gladstone
Commercial”) announced today that it acquired a five-story, 119,224
square foot, single-tenant office building located in Fort
Lauderdale, FL, for $23.9 million at an average cap rate of 8.3%.
The property is leased to Citrix, under a
triple-net (or NNN) lease. Citrix, a Fortune 1000 and S&P 500
company with a market capitalization of over $10 billion, provides
a complete and integrated portfolio of Workspace-as-a-Service,
application delivery, virtualization, mobility, network delivery
and file sharing solutions that enables companies to ensure
critical systems are securely available to users via the cloud or
on premise and across any device or platform. The property sits
adjacent to Citrix’s headquarters and has been occupied by Citrix
since 1997.
“This acquisition marks our third acquisition in
the South Florida market, which continues our strategic expansion
into both primary and strong secondary markets in the U.S.,” said
Buzz Cooper, Senior Managing Director of Gladstone Commercial.
Brandon Flickinger, Director, Real Estate, of Gladstone Commercial,
added “the triple-net lease to a tenant with strong credit like
Citrix will provide attractive stable returns to our investors over
the long term given the attributes of the real estate and strong
macroeconomic fundamentals driving the Fort Lauderdale economy,
including Florida’s unemployment rate of 4.7%.”
Bob Cutlip, President of Gladstone Commercial,
agreed, “this transaction is an excellent acquisition in a sound
market and continues our historical program of placing attractive
fixed rate debt on our properties. This strategy protects our
going-forward returns should interest rates rise.”
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.
Gladstone Commercial’s real estate portfolio consists of 97
properties located in 24 states, totaling approximately 11.0
million square feet. For additional information please visit
www.gladstonecommercial.com.
For Broker Submittals:
South/Southwest: |
|
Tennessee/Kentucky: |
Buzz
Cooper |
|
Brandon
Flickinger |
Senior Managing
Director |
|
Director, Real Estate |
(703) 287-5815 |
|
(703) 287-5819 |
Buzz.Cooper@gladstonecompanies.com |
|
Brandon.Flickinger@gladstonecompanies.com |
|
|
|
West: |
|
Midwest/Northeast: |
Andrew
White |
|
Matt
Tucker |
Managing Director |
|
Managing Director |
(310) 953-4960 |
|
(703) 287-5830 |
Andrew.White@gladstonecompanies.com |
|
Matt.Tucker@gladstonecompanies.com |
Investor or Media Inquiries:
Bob
Cutlip |
|
President –
Gladstone Commercial Corporation |
(703) 287-5878 |
|
Bob.Cutlip@gladstonecompanies.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, 2015, as filed with the SEC
on February 17, 2016. 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.
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