Gladstone Commercial Corporation Announces Property Acquisition in Richardson, TX
MCLEAN, Va., March 9, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") reported today that it purchased a two-story, 155,984 square foot, single-tenant office building located in Richardson, Texas for $24.7 million at an average cap rate of 8.26%.
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Located in Dallas's Telecom Corridor, the property has direct access to North Central Expressway (US-75), President George Bush Turnpike (SH 190) and LBJ Freeway (I-635) and includes an above-market parking ratio of 7.31/1,000.
The tenant operates the nation's largest Medicare exchange and is wholly-owned by leading global professional services firm Towers Watson & Co. (NYSE:TW). The property lease runs through October 2024.
"This acquisition demonstrates Gladstone Commercial's continued focus on acquiring single-tenant properties with solid credit in growing markets," explained Senior Managing Director Buzz Cooper. "This acquisition brings our Dallas-Ft. Worth MSA portfolio to seven properties. This is a strong, growing market and we are actively pursuing more deals in the area."
A photo accompanying this release is available at https://www.globenewswire.com/newsroom/prs/?pkgid=31250
Gladstone Commercial's real estate portfolio now consists of 97 properties located in 23 states, totaling approximately 10.8 million square feet.
For more information regarding Gladstone Commercial's activity in the Southeast and Texas, 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.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
CONTACT: For further information:
Gladstone Commercial Corporation +1-703-287-5893
Released March 9, 2015