Gladstone Commercial Corporation Announces Sale of Property in Sterling Heights, MI For $11.4M
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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.