Gladstone Commercial Corporation Announces Sale of Franklin Township, NJ Property for $12.8 Million
February 01 2017 - 8:30AM
Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone
Commercial"), a real estate investment trust focused on acquiring,
owning and operating net leased industrial and office properties,
announced today that it sold its 183,000 square foot industrial
property located in Franklin Township, New Jersey for gross
proceeds of $12.8 million. The single tenant class B
facility had a remaining lease term of approximately 3.5 years at
the time of the sale. Gladstone Commercial purchased the property
in 2005 for $8.2 million and upon its exit recognized a levered
internal rate of return of approximately 24% on its investment.
"This transaction is consistent with our capital
recycling strategy that seeks to divest non-core assets outside of
our target markets while growing and maintaining a best-in-class
portfolio in strong secondary markets," said Matt Tucker,
Managing Director of Gladstone Commercial. “We were able to
opportunistically sell this short term leased asset at a
substantial profit.”
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. Its real
estate portfolio consists of 97 properties located in 24 states,
totaling approximately 11.1 million square feet. For additional
information please visit www.gladstonecommercial.com.
For Broker Submittals:
South/Southwest: |
West: |
Buzz
Cooper |
Andrew
White |
Senior Managing
Director |
Managing Director |
(703) 287-5830 |
(310) 953-4960 |
Buzz.Cooper@gladstonecompanies.com |
Andrew.White@gladstonecompanies.com |
|
|
Midwest/Northeast: |
Tennessee/Kentucky: |
Matt
Tucker |
Brandon
Flickinger |
Managing Director |
Director |
(703) 287-5815 |
(703) 287-5819 |
Matt.Tucker@gladstonecompanies.com |
Brandon.Flickinger@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 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 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. 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.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds, please visit
www.gladstone.com.
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