Gladstone Commercial Corporation Announces Property Acquisition in Denver Suburb of Aurora, CO
MCLEAN, Va., July 7, 2014 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") reported today that it purchased a 124,800 square foot building in the Denver suburb of Aurora, Colorado. The building serves as headquarters of, as well as a warehouse, manufacturing and distribution facility for, Barton Supply, a privately owned portfolio company of Kodiak Building Partners, specializing in rebar fabrication, structural and miscellaneous steel and concrete construction accessories across commercial and residential markets.
The Property, which has been leased back to Barton Supply for 15 years, is located in the Upland Business Park, a mature core business / industrial park in Aurora with direct rail service and direct access to I-225 and 1-70. The Property is located 15 minutes from the Denver CBD and 20 minutes from Denver International Airport. The property has excess land for future expansion and direct rail access, a unique attribute within the business park.
"This acquisition marks our second acquisition in Colorado and our third 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 15 year lease to Barton Supply should provide attractive stable returns to our investors given the long term lease, the attributes of the real estate and economic fundamentals driving the Denver real estate market." Gladstone Commercial's real estate portfolio now consists of 93 properties located in 23 states, totaling approximately 10.0 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 and owns net leased industrial, commercial and retail real property. Additional information can be found at www.gladstonecompanies.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, 2013, as filed with the SEC on February 18, 2014. 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 July 7, 2014