Gladstone Commercial Corporation Announces Sale of Parsippany, NJ Office Building

Rhea-AI Summary

Gladstone Commercial Corporation (Nasdaq: GOOD) announced the sale of its 60,000 SF office building located in Parsippany, New Jersey, on August 25, 2022. The company achieved a leveraged internal rate of return of approximately 15% on the property, originally acquired in 2011. This successful sale aligns with Gladstone's strategy to reposition its portfolio towards industrial properties, as stated by executives. The transaction is viewed as beneficial for all parties involved and supports the company’s capital recycling plan.

Positive

• Achieved a leveraged internal rate of return of approximately 15% on the sold property.
• Sale aligns with strategy to focus on industrial properties, potentially enhancing future returns.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / August 29, 2022 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") announced today that it sold its 60,000 SF Parsippany, New Jersey office building on August 25, 2022.

Gladstone Commercial realized a leveraged internal rate of return of approximately 15% on the property, which it originally acquired in 2011.

"This sale marks another strong exit, as we look to selectively re-position our portfolio with a greater industrial focus," said EJ Wislar, Chief Investment Officer of Gladstone Commercial.

"This was a win-win for all parties," added Greg Yayac, Senior Vice President of Gladstone Commercial. "We are pleased to have found a solution to maximize value."

"This sale fits with our capital recycling plan and will allow us to re-deploy capital into industrial product," stated Buzz Cooper, President of Gladstone Commercial.

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 June 30, 2022, Gladstone Commercial's real estate portfolio consisted of 136 properties located in 27 states, totaling approximately 17.0 million square feet. For additional information please visit www.gladstonecommercial.com.

For Broker Submittals:	Investor or Media Inquiries:
EJ Wislar	Buzz Cooper
Chief Investment Officer	President
(703) 462-1027	(703) 287-5815
EJ.Wislar@gladstonecompanies.com	Buzz.Cooper@gladstonecompanies.com

For Asset Management Matters:
Greg Yayac
Senior Vice President / Director
(703) 287-5912
Gregory.Yayac@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 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, 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. 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

View source version on accesswire.com:
https://www.accesswire.com/713628/Gladstone-Commercial-Corporation-Announces-Sale-of-Parsippany-NJ-Office-Building

FAQ

What was the internal rate of return for the sale of the Parsippany office building by Gladstone Commercial (GOOD)?

Gladstone Commercial achieved a leveraged internal rate of return of approximately 15% on the sale.

When did Gladstone Commercial sell its office building in Parsippany, NJ?

Gladstone Commercial sold the office building on August 25, 2022.

What is Gladstone Commercial's strategic focus following the sale of its Parsippany office building?

The company is looking to reposition its portfolio with a greater focus on industrial properties.

How large was the Parsippany office building sold by Gladstone Commercial?

The sold office building in Parsippany, NJ, was 60,000 square feet.