Gladstone Commercial Corporation Announces Property Acquisition in Vance, Alabama
Gladstone Commercial Corporation (NASDAQ: GOOD) (the "Company") reported today that it completed the forward purchase of a 170,000 square foot build-to-suit light industrial manufacturing facility in Vance, Alabama for $13.4 million.
The Company acquired the property from Brookwood Parkway, LLC, based in Roebuck, South Carolina. The seller / developer constructed the property as a forward build-to-suit for the tenant that is strategically located near a key customer. The property has a 10-year lease with renewal options.
"Acquiring this high quality facility is consistent with our growth strategy," said Buzz Cooper, Managing Director responsible for the transaction. "All parties were involved from the initial stages and worked together to complete a successful transaction."
Gladstone Commercial Corporation is a real estate investment trust ("REIT") that invests in and owns net leased industrial, commercial and retail real property and selectively makes long-term industrial and commercial mortgage loans. The Company currently owns 82 properties. Including payments through April 2013, the Company has paid 100 consecutive monthly cash distributions on its common stock. Prior to paying distributions on a monthly basis, the Company paid five consecutive quarterly cash distributions. The Company has paid 88 consecutive monthly cash distributions on its Series A preferred stock, 79 consecutive monthly cash distributions on its Series B preferred stock, 15 consecutive monthly cash distributions on its Series C Term Preferred Stock and 39 consecutive monthly cash distributions on its Senior Common Stock. The Company has never skipped, reduced or deferred a monthly distribution since inception, over nine years ago. Additional information can be found at www.gladstonecompanies.com.
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