MCLEAN, Va., Sept. 4, 2014 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") reported today that it purchased a five-story, 86,495 square foot, multi-tenant office building located in Indianapolis, Indiana for $10.5 million. The anchored multi-tenant property serves as the headquarters for Community Health Network, Inc.'s for-profit subsidiary, Visionary Enterprises Inc.
Ranked among the nation's most integrated healthcare systems, Community Health Network is Central Indiana's leader in providing convenient access to exceptional healthcare services, where and when patients need them—in hospitals, health pavilions and doctor's offices, as well as workplaces, schools and homes. As a non-profit health system with over 200 sites of care and affiliates throughout Central Indiana, Community's full continuum of care integrates hundreds of physicians, specialty and acute care hospitals, surgery centers, home care services, MedChecks, behavioral health and employer health services. CHN occupies 71% of the space through February 2026; the remaining 25% is leased to six tenants with staggered lease maturities through 2018.
"This acquisition is consistent with our strategic decision to focus our acquisition efforts on primary and strong secondary markets," said Matt Tucker, Managing Director of the Company. "The property's strong tenancy and premiere location with excellent frontage on the I-69 and I-465 exchange will provide stable and attractive returns for our investors. This acquisition expands our anchored multitenant platform and establishes our presence in the Indianapolis market."
Gladstone Commercial's real estate portfolio now consists of 94 properties located in 23 states, totaling approximately 10.1 million square feet.
For more information regarding Gladstone Commercial's activity in the Mid-Western and Northeastern U.S., please contact Matt Tucker at matt.tucker@gladstonecompanies.com.
Gladstone Commercial Corporation is a real estate investment trust (REIT) that invests in and owns net leased industrial, commercial and retail real property. Additional information can be found at www.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 Company'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, 2013, as filed with the SEC on February 18, 2014. The Company 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.
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