MCLEAN, Va., July 20, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) (the "Company") reported today that it purchased a four-story, 78,151 square foot office building located in Atlanta, Georgia for $13.0 million.
The property has been leased back to Delta Community Credit Union. Founded in 1940 and based in Atlanta, GA, Delta Community Credit Union is the 23rd largest credit union in the U.S. and is the largest credit union in the state of Georgia with 26 branches. The property houses the tenant's flagship retail branch and also serves as an office location for the tenant. The retail branch has been leased back to the tenant for 15 years and the office space has been leased back to the tenant for 7 years.
"This acquisition demonstrates Gladstone Commercial's continued focus on partnering with strong tenants to acquire properties in growing markets," explained Senior Managing Director Buzz Cooper. "This acquisition brings our Atlanta MSA portfolio to nine properties. We look forward to expanding our relationship with Delta Community Credit Union in the future."
Gladstone Commercial's real estate portfolio now consists of 101 properties located in 24 states, totaling approximately 11.1 million square feet.
For more information regarding Gladstone Commercial's activity in the South and Southeast, 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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