MCLEAN, Va., May 28, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") reported today that it purchased a 78,033 square foot office building in Columbus, Ohio for $7.7 million.
The building serves as the headquarters of a privately owned home-based healthcare provider. The property has been leased back to the tenant for 15 years. The going-in cap rate on the acquisition is 7.47% with an average cap rate of 8.25%.
"This acquisition marks our fourth acquisition in Columbus which continues our strategic accumulation of properties in strong secondary markets in the U.S.," said Matt Tucker, Managing Director of the Company. "The 15 year lease will provide attractive stable returns to our investors given the long term lease, the attributes of the real estate and economic fundamentals driving the Columbus real estate market."
Gladstone Commercial's real estate portfolio now consists of 99 properties located in 23 states, totaling approximately 10.9 million square feet.
For more information regarding Gladstone Commercial's activity in the Eastern and Mid-Western 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.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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