Gladstone Commercial Announces $7.4 Million Industrial Acquisition in Wilkesboro, NC

Rhea-AI Summary

Gladstone Commercial Corporation (Nasdaq: GOOD) has acquired an 80,000 square foot industrial facility on 9.2 acres in Wilkesboro, North Carolina, for $7.4 million on February 24, 2022. This property, leased to InterFlex Group with 12.7 years remaining on a NNN lease, is critical for manufacturing packaging products. The acquisition aligns with Gladstone's strategy of acquiring functional assets in strong industrial locations, enhancing its industrial portfolio in North Carolina.

Positive

• Acquisition of a critical manufacturing facility, enhancing portfolio.
• Property fully leased to credit-worthy tenant, InterFlex Group.
• 12.7 years of remaining absolute NNN lease term ensures stable income.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / February 24, 2022 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") acquired an 80,000 square foot industrial facility, located on 9.2 acres in Wilkesboro, North Carolina, for $7.4 million on February 24, 2022.The property is Gladstone Commercial's ninth industrial acquisition in North Carolina.

The property is 100% leased to InterFlex Group ("InterFlex") with 12.7 years of remaining absolute NNN lease term. The property serves as a mission critical manufacturing and distribution facility that was built-to-suit for InterFlex in 2014 and is located less than two miles from their North American headquarters. InterFlex utilizes the facility to produce packaging products, such as pre-formed, clear/opaque films, paper/film laminates, and recyclable substrates, which are primarily utilized by food, pet, confectionary, snack, bakery, personal care, and childproof manufacturers. The acquisition of this industrial property is consistent with Gladstone Commercial's growth strategy of acquiring functional assets, leased to credit-worthy tenants, in strong industrial locations.

"We are excited to continue building our already strong industrial presence in North Carolina. This facility is a functional, mission critical building for a strong tenant, and we are pleased to add another high-quality manufacturing building to the portfolio," stated EJ Wislar, Senior Vice President of Gladstone Commercial.

"The acquisition of the InterFlex facility is the latest example of Gladstone Commercial's core strategy of acquiring well-positioned assets in strong logistics locations. This location off I-77 and close to I-40 allows for easy access to major truck routes," said Buzz Cooper, Co-President of Gladstone Commercial.

Bob Cutlip, Co-President of Gladstone Commercial, agreed, "This transaction builds upon our strategy to increase our portfolio allocation to industrial buildings, and we are glad to welcome another industry-leading tenant to our portfolio."

The property was marketed by Pete Pittroff of JLL's Charlotte office.

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, 2021, Gladstone Commercial's real estate portfolio consisted of 129 properties located in 27 states, totaling approximately 16.2 million square feet. For additional information please visit www.gladstonecommercial.com.

For Broker Submittals:

South Central:	Southeast/Northeast:
Buzz Cooper	EJ Wislar
Co-President	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
Co-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, 2021, as filed with the SEC on February 15, 2022 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

What did Gladstone Commercial Corporation acquire in February 2022?

Gladstone Commercial acquired an 80,000 square foot industrial facility in Wilkesboro, North Carolina for $7.4 million.

What is the significance of the InterFlex facility acquisition for GOOD?

The acquisition bolsters Gladstone's industrial portfolio by adding a mission-critical facility leased to a strong tenant.

How long is the lease term for the acquired facility?

The facility has a remaining absolute NNN lease term of 12.7 years.

How does this acquisition fit into Gladstone's business strategy?

It aligns with Gladstone's strategy of acquiring functional assets leased to credit-worthy tenants in strong industrial locations.

What was the purchase price for the industrial facility by Gladstone Commercial?

The purchase price for the facility was $7.4 million.