Gladstone Commercial Corporation Completes 2nd PACE-Funded Financing for $900,000+ For Energy Saving Improvements at Columbus...
April 02 2020 - 4:30PM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it has worked with ViaQuest Inc.,
its single tenant at 525 Metro in Dublin, OH, to complete a second
improvement financing via the Property Assessed Clean Energy
(“PACE”) program. 525 Metro is a four-story, 78,000 square
foot office property in Dublin, Ohio that serves as ViaQuest’s
headquarters. The combined financings cover 100% of the costs
to replace the cooling tower, boiler and HVAC equipment, to
complete an elevator modernization, and to install energy efficient
interior and exterior lighting, and a robust energy management
system allowing for continued refinement of energy saving
strategies over the life of the equipment. In order to
accommodate the most cost-efficient equipment for ViaQuest, the
project included bringing natural gas into the building.
Preliminary assessments indicate that these
improvements will reduce the property’s utility expenses by 39% and
eliminate more than 400 metric tons of carbon dioxide
emissions. “Gladstone was happy to accommodate and assist in
ViaQuest’s efforts to reduce their energy costs and environmental
impact. Through use of the PACE program, ViaQuest was able to
make needed equipment replacement without having to come out of
pocket with the assurance that the financing costs would be more
than covered by their energy cost savings. This partnership
with our tenants is a hallmark of the relationships we create to
allow our properties to perform at their highest, most energy
efficient levels,” said Karen Priesman, Senior Asset Manager for
the Midwest Region for Gladstone Commercial.
“Gladstone is always pleased to work with our
tenants to find creative solutions to their occupancy needs.
Through this process we were able to assist our tenant in
maximizing their cost savings while increasing the energy
efficiency and sustainability of our property and portfolio as a
whole without incurring any capital expenditures,” stated Matt
Tucker, Senior Managing Director and head of the Northeast/Midwest
Region for 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, 2019, Gladstone Commercial’s real estate portfolio
consisted of 118 properties located in 28 states, totaling
approximately 14.2 million square feet. For additional information
please visit www.gladstonecommercial.com.
For Broker Submittals:
Southcentral: |
Northeast/Midwest: |
Buzz Cooper |
Matt Tucker |
Senior Managing Director |
Senior Managing Director |
(703) 287-5815 |
(703) 287-5830 |
Buzz.Cooper@gladstonecompanies.com |
Matt.Tucker@gladstonecompanies.com |
|
|
Southeast/Southwest: |
|
Brandon Flickinger |
|
Managing Director |
|
(703) 287-5819 |
|
Brandon.Flickinger@gladstonecompanies.com |
|
|
|
Investor or Media Inquiries:
Bob Cutlip |
|
President – Gladstone Commercial Corporation |
(703) 287-5878 |
|
Bob.Cutlip@gladstonecompanies.com |
|
|
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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 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, 2019, as filed
with the SEC on February 12, 2020 and certain other filings we make
with the SEC. 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.gladstonecompanies.com.
SOURCE: Gladstone Commercial Corporation
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