MCLEAN, Va., Aug. 25, 2016 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) (“Gladstone Commercial”) announced today that it sold three properties for gross proceeds of $3.0 million. The sales included three industrial facilities leased to Metal Spinners, Inc. in Angola, IN and Rock Falls, IL. The Angola locations serve as Metal Spinners’ corporate headquarters. Gladstone Commercial recognized a levered IRR of approximately 13% on its investment.
“These transactions are consistent with our capital recycling operating strategy that seeks to divest non-core assets while maintaining a best-in-class portfolio in strong secondary markets," said Bob Cutlip, President of Gladstone Commercial.
About Gladstone Commercial Corporation (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. Gladstone Commercial’s real estate portfolio consists of 96 properties located in 24 states, totaling approximately 10.9 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals:
|Buzz Cooper||Matt Tucker|
|Senior Managing Director||Managing Director|
|(703) 287-5815||(703) 287-5830|
|Andrew White||Brandon Flickinger|
|(310) 953-4960||(703) 287-5819|
Investor or Media Inquiries:
|President – Gladstone Commercial Corporation|
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, 2015, as filed with the SEC on February 17, 2016. 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.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
Source:Gladstone Commercial Corporation