MCLEAN, Va., March 23, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") reported today that it purchased a single-story, 30,850 square foot, single-tenant office building located in Birmingham, Alabama for $3.65 million at an average cap rate of 9.12%. Approximately 15% of the building is dedicated datacenter space.
The building is fully leased to TekLinks, Inc., a leading and growing provider of Information Technology ("IT") consulting and technology-related services to businesses in the Gulf South. The lease runs through July 2023. The property is located 6.5 miles south of the Birmingham central business district ("CBD") and serves as TekLinks' headquarters. The property is adjacent to I-65, which allows the tenant quick access to its customers in both the CBD and the southern Birmingham suburbs. TekLinks operates six additional locations in Alabama, Mississippi and Tennessee.
"This acquisition demonstrates Gladstone Commercial's continued focus on acquiring properties with solid credit tenants in primary and secondary markets," explained Senior Managing Director Buzz Cooper. "This is our third acquisition in the Birmingham MSA, which is a steady, growing market. We are actively pursuing more deals in the area."
Gladstone Commercial's real estate portfolio now consists of 98 properties located in 23 states, totaling approximately 10.8 million square feet.
For more information regarding Gladstone Commercial's activity in the Southeast and Texas, please contact Buzz Cooper at buzz.cooper@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.gladstonecommercial.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, 2014, as filed with the SEC on February 18, 2015. 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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