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MCLEAN, VA / ACCESSWIRE / December 22, 2021 / On December 21, 2021, Gladstone Commercial Corporation (NASDAQ: GOOD) (âGladstone Commercialâ) acquired a 120,000 square foot industrial facility located on 7.5 acres in Stone Mountain, Georgia for $ 12.0 million. The initial capitalization rate of the acquisition was 6.4%, with an average capitalization rate of 7.3%. The property is Gladstone Commercial’s fifth industrial acquisition in Georgia.
The property, acquired through a sale-leaseback transaction, is 100% leased to House of Cheatham LLC, with fifteen (15) years of absolute NNN lease term remaining. House of Cheatham uses the property for the manufacture and distribution of its personal care and beauty products for the multicultural and textured hair care market. The acquisition of industrial property builds on Gladstone Commercial’s growth plan to acquire functional industrial assets with long-term leases.
âThe 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 creditworthy tenants. We are delighted to welcome House of Cheatham to our tenant list, âsaid Buzz Cooper, investment manager for Gladstone Commercial.
âWe have had great success in acquiring industrial properties through long-term sale and leaseback transactions with private equity sponsors, and we hope to continue this success in 2022,â said EJ Wislar, vice – Senior President of Gladstone Commercial.
Bob Cutlip, President of Gladstone Commercial, said: âWe are delighted to close another transaction that will increase the weighted average lease duration and industrial concentration of our portfolio, and we look forward to another strong partnership with a high tenant. quality. “
The property was marketed by Chelsea Mandel of STREAM Capital Partners.
About Gladstone Commercial (NASDAQ: BON)
Gladstone Commercial is a real estate investment trust focused on the acquisition, ownership and operation of 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 more information, please visit www.gladstonecommercial.com.
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All statements in this press release, other than historical fact, 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”, “research”, “esteem” and variations of such words and similar expressions are intended to identify forward-looking statements. Readers should not rely on forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties which could cause the business, financial condition, liquidity, results of operations, Gladstone Commercial’s operating funds or prospects differ materially from those expressed. in or implied by such statements. These risks and uncertainties are disclosed under the sections “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 December 16, 2020. February 2021. and certain other filings we make with the SEC. Gladstone Commercial cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of publication. Gladstone Commercial assumes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For more information: Gladstone Commercial Corporation, + 1-703-287-5893
For investor relations inquiries regarding any of the Gladstone Monthly Dividend Funds, please visit www.gladstonecompagnies.com.
THE SOURCE: Gladstone Trading Company
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