MCLEAN, Va., Nov. 3, 2014 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") reported today that it purchased a 189,210 square foot industrial building in Denver, Colorado for $10.0 million. The property is fully leased through December 2024 to Premium Pet Health, LLC ("PPH"), a wholly owned subsidiary of Smithfield Foods. The building serves as headquarters of, as well as a manufacturing and distribution facility for, PPH, which specializes in the sourcing, production, sales and distribution of all proteins for use by the pet care industry. The property is located in an industrial park in close proximity to downtown Denver with direct rail service and easy access to I-25, 1-270 and the Denver airport.
"This acquisition marks our third acquisition in Colorado and our fourth acquisition in the Western U.S., which continues our strategic expansion into both primary and secondary markets in the Western U.S.," said Andrew White, Managing Director of the Company. "The low single digit vacancy for industrial space in this submarket combined with the 10 year lease to PPH should provide attractive stable returns to our investors over the long term given the attributes of the real estate and strong economic fundamentals driving the Denver real estate market."
Gladstone Commercial's real estate portfolio now consists of 94 properties located in 23 states, totaling approximately 10.0 million square feet.
For more information regarding Gladstone Commercial's activity in the Western U.S., please contact Andrew White at andrew.white@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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