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Gladstone Commercial Corporation Announces Property Acquisition in Salt Lake City, UT


Gladstone Commercial Corporation (Nasdaq: GOOD) (the "Company") reported today that it purchased a three-story, 86,409 square foot, single-tenant office building located in Draper, Utah, for $22.2 million at an average cap rate of 7.95%. The Class A property is leased to EMC Corporation (NYSE: EMC) through December 2021. The property is located in the Lone Peak Center Office Park, a master-planned park in the southeast submarket of Salt Lake City, Utah and serves as one of EMC's eight global Centers of Excellence.

EMC is a leading technology company that develops, delivers, and supports IT storage hardware and cloud computing software to customers around the world. EMC is rated A/A1 by S&P and Moody's respectively.

"This acquisition marks our first acquisition in the Salt Lake City market and our fifth 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 6.5 years remaining on the lease to EMC should provide attractive stable returns to our investors over the long term given the attributes of the real estate and strong economic fundamentals driving the Salt Lake City

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