MCLEAN, VA / ACCESSWIRE / August 8, 2022 / On August 5, 2022, Gladstone Commercial Corporation (Nasdaq:GOOD) acquired a 246,000 square foot, two-property, industrial portfolio, with locations in Vineland, NJ, and Bridgeton, NJ, for a gross purchase price of $32.5 million at a GAAP capitalization rate of 7.2%.
The portfolio, acquired in a sale/leaseback transaction, is 100% leased to Garden State Bulb Company and its affiliates, with fifteen (15) years of remaining absolute NNN term. Garden State Bulb Company is an industry leader in packaged dormant live goods products for sale in the US market. The acquisition of this industrial portfolio is consistent with Gladstone Commercial's growth strategy of acquiring functional assets leased to credit-worthy tenants in strong industrial locations.
"We are excited to expand the industrial portfolio in Southern New Jersey. Both facilities are mission critical to the business of this industry-leading tenant, and we are pleased to add two high-quality, fungible buildings in a growing industrial market with strong fundamentals," stated EJ Wislar, Chief Investment Officer of Gladstone Commercial.
"The acquisition of the facilities continues our core strategy of acquiring mission critical, industrial facilities in growth markets. This investment is a great addition to our portfolio, improving the weighted average lease term and provides another case study for our industrial sale-leaseback platform," said Buzz Cooper, President of Gladstone Commercial.
About Gladstone Commercial (Nasdaq:GOOD)
Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of June 30, 2022, Gladstone Commercial's real estate portfolio consisted of 136 properties located in 27 states, totaling approximately 17.0 million square feet. For additional information please visit www.gladstonecommercial.com.
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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 Gladstone Commercial'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 captions "Forward-Looking Statements" and "Risk Factors" of Gladstone Commercial's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on February 15, 2022 and certain other filings we make with the SEC. Gladstone Commercial cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date made. Gladstone Commercial undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
For further information: Gladstone Commercial Corporation, +1-703-287-5893
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SOURCE: Gladstone Commercial Corporation
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