MCLEAN, Va., June 9, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") reported today that it purchased a three-story, 86,409 square foot, single-tenant office building located in Draper, Utah, for $22.2 million at an average cap rate of 7.95%. The Class A property is leased to EMC Corporation (NYSE:EMC) through December 2021. The property is located in the Lone Peak Center Office Park, a master-planned park in the southeast submarket of Salt Lake City, Utah and serves as one of EMC's eight global Centers of Excellence.
EMC is a leading technology company that develops, delivers, and supports IT storage hardware and cloud computing software to customers around the world. EMC is rated A/A1 by S&P and Moody's respectively.
"This acquisition marks our first acquisition in the Salt Lake City market and our fifth 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 6.5 years remaining on the lease to EMC 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 Salt Lake City real estate market."
Gladstone Commercial's real estate portfolio now consists of 100 properties located in 24 states, totaling approximately 10.9 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, owns and operates net leased industrial, commercial and retail 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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