Gladstone Commercial Corporation Announces Sale of Property in Sterling Heights, MI
MCLEAN, Va., June 23, 2014 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") reported today that it sold its 540,000 square foot industrial property located in Sterling Heights, MI for $11.4 million, representing a gain on sale of approximately $1.2 million.
"This was a good opportunity for us to sell a non-core asset at a price that was beneficial to shareholders," said Jason Kowalski, Senior Asset Manager of the Company's investment adviser. "We will be able to redeploy the capital into new investments that are in-line with our strategy of focusing on high-quality real estate in primary and strong secondary markets."
Gladstone Commercial's real estate portfolio now consists of 92 properties located in 23 states, totaling approximately 9.9 million square feet.
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 June 23, 2014