Gladstone Commercial Corporation Announces $14.3 Million Industrial Acquisition in Vance, AL
March 12 2018 - 8:15AM
Gladstone Commercial Corporation (NASDAQ:GOOD) (“Gladstone
Commercial”) announced today that it completed the acquisition of a
127,444 square foot, Class-A new construction, industrial building
in Vance, AL for $14.3 million dollars. The initial
capitalization rate for the acquisition was 6.98%, with an average
capitalization rate of 7.62%.
The property is a build-to-suit for Truck and
Wheel USA Corporation (“Truck and Wheel”) on a 10-year lease that
commenced January 1, 2018. The property is used primarily for Truck
and Wheel to assemble and make deliveries of wheels and tires to
the nearby Mercedes Benz plant. Truck and Wheel has invested $35
million in an automated assembly system for this just-in-time
manufacturing facility. The acquisition of the industrial property
is consistent with Gladstone Commercial’s growth strategy of
acquiring high-quality assets in growth regions with credit-worthy
tenants.
“The acquisition of the Truck and Wheel property
marks our second in the Vance, AL market. The strong fundamentals
of the market due to the nearby Mercedes Benz plant and Truck and
Wheel’s dedication to the property through the company’s $35
million investment make this investment a great addition to the
Gladstone portfolio,” said Buzz Cooper, Southwest Regional Senior
Managing Director of Gladstone Commercial.
The property was purchased from an affiliate of
Graham & Company. Graham & Company is headquartered in
Birmingham, Alabama, and offers full-service real estate solutions
– development, leasing, brokerage, appraisal and property
management – across the Southeast. Sonny Culp, Henry Graham (Graham
& Company) and Doug Longyear (Cushman Wakefield) represented
the
seller.
“This transaction promotes our strategy of
increasing our allocation to industrial buildings over the next few
years and we are excited about completing a second acquisition near
the expanding Mercedes Benz operations in Alabama,” said Bob
Cutlip, President of Gladstone Commercial.
About Gladstone Commercial
(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. As of
December 31, 2017, its real estate portfolio consisted of 99
properties located in 24 states, totaling approximately 11.5
million square feet. For additional information please visit
www.gladstonecommercial.com.
For Broker Submittals:
Southwest: |
Southeast: |
Buzz
Cooper |
Brandon
Flickinger |
Senior Managing
Director |
Managing Director |
(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, 2017, as filed with the SEC
on February 14, 2018 and certain other filings we make with
the SEC. 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.
SOURCE: Gladstone Commercial Corporation
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