Gladstone Commercial Corporation Announces Expansion and Lease Extension of Industrial Facility in Vance, AL
October 13 2016 - 8:15AM
Gladstone Commercial Corporation (NASDAQ:GOOD) (“Gladstone
Commercial”) announced today that the tenant in its existing
170,000 square foot light industrial manufacturing facility in
Vance, Alabama has exercised its expansion right. Gladstone
Commercial will expand the property by 75,000 square feet for an
estimated project cost of $7.0 million. Upon completion of the
expansion, the tenant will enter into a new 225,000 square foot
10-year lease.
Gladstone Commercial acquired the property for
$13.4 million in May 2013. The seller-developer constructed the
property as a forward build-to-suit for the tenant that is
strategically located near a key customer. The property had an
initial 10-year lease that ran through April 2023. Upon completion
of the expansion premises, the lease term for the entire property
will be reset for a new 10-year firm term upon construction
completion. The re-set going-in cap rate will be 9.50% with an
average cap rate of 10.40% over the 10-year lease term. Lease
commencement is anticipated to occur in the 3rd quarter of
2017.
“Expanding this high quality facility that
supports a major auto assembly plant is consistent with our growth
strategy,” said Buzz Cooper, Senior Managing Director of Gladstone
Commercial. “All parties were involved from the initial stages of
the original investment and worked together to complete a
successful transaction.”
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.
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.
For Broker Submittals:
South/Southwest:
Buzz Cooper
Senior Managing Director
(703) 287-5815
buzz.cooper@gladstonecompanies.com
Tennessee/Kentucky:
Brandon Flickinger
Director, Real Estate
(703) 287-5819
brandon.flickinger@gladstonecompanies.com
West:
Andrew White
Managing Director
(310) 953-4960
andrew.white@gladstonecompanies.com
Midwest/Northeast:
Matt Tucker
Managing Director
(703) 287-5830
matt.tucker@gladstonecompanies.com
Investor or Media Inquiries:
Bob Cutlip
President – Gladstone Commercial Corporation
(703) 287-5878
bob.cutlip@gladstonecompanies.com
Gladstone Commercial (NASDAQ:GOOD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gladstone Commercial (NASDAQ:GOOD)
Historical Stock Chart
From Jul 2023 to Jul 2024