Gladstone Commercial Announces $12.0 Million Industrial Acquisition in Stone Mountain, GA
Gladstone Commercial Corporation (NASDAQ:GOOD) has acquired a 120,000 square foot industrial facility in Stone Mountain, Georgia, for $12 million. This acquisition features a 6.4% initial capitalization rate and a 7.3% average capitalization rate, with a 15-year absolute NNN lease to House of Cheatham LLC. This purchase aligns with Gladstone's strategy of acquiring functional industrial assets with long-term leases, adding to their portfolio of properties across the U.S., which now includes 127 properties totaling approximately 15.7 million square feet.
- Acquisition of a 120,000 sq. ft. facility enhances portfolio diversity.
- Long-term lease (15 years) with a credit-worthy tenant (House of Cheatham).
- Initial capitalization rate of 6.4% indicates potential for stable income.
- Fifth industrial acquisition in Georgia, showing regional market expansion.
- None.
MCLEAN, VA / ACCESSWIRE / December 22, 2021 / On December 21, 2021, Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") acquired a 120,000 square foot industrial facility located on 7.5 acres in Stone Mountain, Georgia for
The property, acquired in a sale/leaseback transaction, is
"The acquisition of the House of Cheatham facility is consistent with our core strategy of acquiring well-located assets with long-term net leases occupied by credit-worthy tenants. We are excited to welcome House of Cheatham to our tenant roster," said Buzz Cooper, Chief Investment Officer of Gladstone Commercial.
"We have been very successful acquiring industrial properties through long-term sale/leaseback transactions with private equity sponsors, and we look to continue this success in 2022," stated EJ Wislar, Senior Vice President of Gladstone Commercial.
Bob Cutlip, President of Gladstone Commercial, agreed, "We are glad to close another transaction that will increase our portfolio weighted average lease term and industrial concentration, and we look forward to another strong partnership with a high-quality tenant."
The property was marketed by Chelsea Mandel of STREAM Capital Partners.
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 September 30, 2021, Gladstone Commercial's real estate portfolio consisted of 127 properties located in 27 states, totaling approximately 15.7 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals:
| South Central: | Southeast/Northeast: |
| Buzz Cooper | EJ Wislar |
| Chief Investment Officer | Senior Vice President |
| (703) 287-5815 | (703) 462-1027 |
| Buzz.Cooper@gladstonecompanies.com | EJ.Wislar@gladstonecompanies.com |
| Midwest/West: | |
| Ryan Carter | |
| Executive Vice President | |
| (571) 451-0019 | |
| Ryan.Carter@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 captions "Forward-Looking Statements" and "Risk Factors" of Gladstone Commercial's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 16, 2021 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. Gladstone Commercial undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
For further information: Gladstone Commercial Corporation, +1-703-287-5893
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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FAQ
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