Gladstone Commercial Announces Industrial Acquisition in Greenville, South Carolina

Rhea-AI Summary

Gladstone Commercial Corporation (Nasdaq: GOOD) has acquired a 65,000 square foot industrial facility in Greenville, SC, at a 9.0% capitalization rate. This property, fully leased to a specialty chemical producer under a 12-year NNN lease, supports manufacturing and distribution for a diverse customer base in the Southeastern US. This strategic acquisition aligns with Gladstone's focus on acquiring industrial assets in prime locations. The deal enhances their portfolio by improving the weighted average lease term and increasing industrial concentration.

Positive

• Acquisition of a 65,000 square foot facility enhances portfolio.
• 12-year absolute NNN lease with a credit-worthy tenant.
• Investment aligns with growth strategy targeting industrial locations.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / December 21, 2022 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") has acquired a 65,000 square foot industrial manufacturing facility in Greenville, South Carolina, at a weighted GAAP capitalization rate of 9.0%.

The property was acquired in a long-term sale/leaseback transaction with a 12 year absolute NNN lease. The property is 100% leased to a specialty chemical producer. The mission critical location houses manufacturing and distribution operations for chemicals to a diverse base of the tenant's customers in the Southeast US. The acquisition 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 expanding our industrial portfolio with a new, credit-worthy tenant and are pleased to add a well-located asset in a growing industrial market with significant momentum," stated EJ Wislar, Chief Investment Officer of Gladstone Commercial.

"The acquisition of this facility continues our core strategy of acquiring mission critical, industrial facilities in growth markets. This investment is a great addition to our portfolio, improving the weighted average lease term and increasing our industrial concentration. This transaction provides yet another case study for our industrial sale-leaseback platform," said Buzz Cooper, 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 September 30, 2022, Gladstone Commercial's real estate portfolio consisted of 137 properties located in 27 states, totaling approximately 17.2 million square feet. For additional information, please visit www.gladstonecommercial.com.

For Broker Submittals:

South Central:	Southeast/Northeast:
Buzz Cooper	EJ Wislar
President	Chief Investment Officer
(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:

Buzz Cooper
President
(703) 287-5815
Buzz.Cooper@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 the company'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 made 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, 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

View source version on accesswire.com:
https://www.accesswire.com/732816/Gladstone-Commercial-Announces-Industrial-Acquisition-in-Greenville-South-Carolina

FAQ

What is the significance of the acquisition by Gladstone Commercial on December 21, 2022?

The acquisition significantly enhances Gladstone's industrial portfolio, adding a valuable asset with a long-term lease.

How does the new industrial facility impact Gladstone Commercial's strategy?

The facility supports Gladstone's strategy of acquiring functional industrial properties leased to credit-worthy tenants.

What are the financial details of the acquisition made by Gladstone Commercial?

Gladstone acquired the Greenville facility at a 9.0% capitalization rate.

What type of tenant occupies the newly acquired facility?

The facility is 100% leased to a specialty chemical producer.

What is the expected outcome of this acquisition for Gladstone's investors?

This acquisition is expected to improve Gladstone's financial metrics and strengthen their position in the industrial market.