MCLEAN, VA / ACCESSWIRE / August 2, 2023 / During July 2023, Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") acquired two assets in the Dallas / Fort Worth MSA. The two assets total $11,925,000 and 107,714 square feet.
The first asset, acquired on July 10, 2023, is a 7,714 square foot medical retail facility, located in Burleson, Texas with a ten-year net lease to a national provider of applied behavior analysis therapy. The purchase price of the asset was $2,850,000.
The second asset, acquired on July 28, 2023, is a 100,000 square foot industrial manufacturing facility, located in Cedar Hill, Texas. The property was acquired in a 20-year absolute net sale leaseback. This asset continues to build upon Gladstone Commercial's strong track record of executing long-term industrial sale leaseback transactions with creditworthy tenants. The purchase price of the asset was $9,075,000 with a GAAP cap rate of 10.10%.
"We are excited to add two new assets from the Dallas / Fort Worth market to the portfolio. The DFW area is one of the strongest markets in the country, and both of these assets build upon Gladstone's core strategy of long-term net leases to creditworthy tenants," stated Todd Alan McDonald, Vice President of Gladstone Commercial.
"We are excited to enter the second half of 2023 with two solid assets in a strong market. We look to build upon this momentum going into the second half of the year," said EJ Wislar, Chief Investment Officer of Gladstone Commercial.
"The Cedar Hill asset 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 provides another case study for our industrial sale-leaseback platform. Additionally, the Burleson asset represents a high-demand asset in a strong market with a long-term credit tenant," stated 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 March 31, 2023, 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:
|Todd Alan McDonald||EJ Wislar|
|Vice President||Chief Investment Officer|
|(703) 287-5895||(703) 462-1027|
|Executive Vice President|
Investor or Media Inquiries:
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, 2022, as filed with the SEC on February 22, 2023, 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 further information: Gladstone Commercial Corporation, +1-703-287-5893
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SOURCE: Gladstone Commercial Corporation
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