Gladstone Commercial Corporation Announces Office and Industrial Dispositions Totaling $3.9 Million
December 01 2016 - 8:15AM
Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone
Commercial"), a real estate investment trust focused on acquiring,
owning and operating net leased office and industrial properties,
announced today that it completed the disposition of two properties
for gross proceeds of $3.9 million. The dispositions bring the
company’s LTM sales of non-core assets to $14.0 million.
One property, located in Toledo, OH, sold for
gross proceeds of $3.2 million. The sale included a 23,368
square foot medical office facility leased to Mercy Health with
approximately 4 years of remaining lease term. The company
recognized a levered IRR of 11% on its investment.
The second property, located in Montgomery, AL,
sold for gross proceeds of approximately $700,000. The sale
included a 29,472 square foot industrial facility leased to
Cummins, Inc., a global fuel engine design, manufacturing and
servicing company with a remaining lease term of approximately 10
months. The company recognized a levered IRR of 12% on its
investment.
"These transactions are consistent with our
capital recycling operating strategy that seeks to divest non-core
assets while maintaining a best-in-class portfolio in strong
secondary markets," said Brandon Flickinger, Director of
Operations (Real Estate) 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.
Gladstone Commercial’s real estate portfolio consists of 95
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 |
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