Gladstone Commercial Corporation Announces Completion of 75,000 Square Foot Expansion in Vance, AL
June 01 2017 - 7:30AM
Gladstone Commercial Corporation (NASDAQ:GOOD) (“Gladstone
Commercial”) announced today the completion of a 75,000 square foot
expansion of its existing 170,000 square foot light industrial
manufacturing facility in Vance, Alabama. With the completion of
the expansion premises, the lease term for the entire 245,000
square foot property has been reset and will now expire in May
2027. The reset, going-in cap rate is 9.50%, with an average cap
rate of 10.40% over the 10-year lease term.
The tenant had exercised its expansion right in
October 2016 and Gladstone Commercial expanded the property by
75,000 square feet to 245,000 square feet at a total project cost
of $6.6 million. Gladstone Commercial acquired the property for
$13.4 million in May 2013 as the forward purchase of a
build-to-suit project.
“Gladstone Commercial, the tenant, and Roebuck
Buildings Co., Inc., all worked well together to complete this
expansion ahead of plan and on budget,” said Buzz Cooper, Senior
Managing Director of Gladstone Commercial. “We anticipated the
potential growth of our tenant and included additional land with
our initial purchase of the building. Expanding this high quality
facility that supports a major auto assembly plant is consistent
with our growth strategy.”
Dean Anderson, President of Roebuck Buildings
Co., Inc., stated, “It has been a pleasure to work with Gladstone
Commercial again. This project has gone extremely smooth and was
finished slightly ahead of schedule and on budget. I look forward
to the next time we get to partner with Gladstone.”
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. As of
March 31, 2017, its real estate portfolio consists of 95 properties
located in 24 states, totaling approximately 10.9 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, 2016, as
filed with the SEC on February 15, 2017. 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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