Gladstone Business Broadcasts $ 12.eight Million Industrial Acquisition in Pittsburgh, Pennsylvania :: Gladstone Business Company (GUT)

MCLEAN, VA / ACCESSWIRE / December 29, 2020 / Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone Commercial”) announced today that it has purchased a 12,000 square foot manufacturing facility in Pittsburgh, Pennsylvania for $ 12.8 million on December 21, 2020. The average capitalization rate over the term of the lease is 7.9%.

The property is a functional, well-configured Class A production and storage facility with 28 ‘clearance. The facility has a truck space with a maximum depth of 150 ‘, six loading ramps and 196 parking spaces. The property is certified for food and offers ample space for multiple production lines and storage for raw materials and finished goods. The building is located on 9,6 acres in the RIDC Industrial Park in Pittsburgh.

The property is 100% owned by TruFood Mfg. Leased, a leading contract manufacturer of private label and branded food bars, granola bars, protein bars, granola, molded chocolate and baked goods. The property is vital to the tenant as it is the tenant’s largest manufacturing facility and is located in the same commercial area as their headquarters.

The acquisition of this commercial property is in line with Gladstone Commercial’s strategy of acquiring high quality commercial assets with creditworthy tenants located in the targeted growth markets. This is the second acquisition by Gladstone Commercial in Pittsburgh.

“We are excited to expand our industrial presence in the Northeast region and look forward to entering the Pittsburgh industrial market. We believe that Pittsburgh offers a significant opportunity to become a strong growth market for us. We are also pleased to announce TruFood Mfg . To have as a long-standing company. ” tenants, “said Matt Tucker, Executive Vice President and Head of Northeast and Midwest Regions for Gladstone Commercial. Bob Cutlip, President of Gladstone Commercial, agreed,” This transaction continues our strategy of industrial acquisition in strong secondary growth markets. “

About Gladstone Commercial (NASDAQ: GUT)

Gladstone Commercial is a real estate investment trust focused on the acquisition, ownership and operation of net-leased industrial and office real estate in the United States. As of September 30, 2020, Gladstone Commercial’s real estate portfolio comprised 122 properties in 28 states, totaling approximately 14.9 million square feet. Please visit www.gladstonecommercial.com for more information.

For broker filings:

South central:
Buzz Cooper
Senior Vice President
(703) 287-5815
Buzz.Cooper@gladstonecompanies.com

Northeast / Midwest:
Matt Tucker
Senior Vice President
(703) 287-5830
Matt.Tucker@gladstonecompanies.com

Southeast / mountain west:
Brandon Flickinger
Senior Vice President
(703) 287-5819
Brandon.Flickinger@gladstonecompanies.com

Investor or media inquiries:
Bob cutlip
President – Gladstone Commercial Corporation
(703) 287-5878
Bob.Cutlip@gladstonecompanies.com

All statements 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 “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate” and variations of these words and similar expressions are intended to identify forward-looking statements. Readers should not place undue reliance on forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could affect Gladstone’s business, financial condition, liquidity, results of operations, funds from operations, or prospects Commercial differ materially from those that are expressed or implied in such statements. Such risks and uncertainties are disclosed under the heading “Risk Factors” of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 12, 2020 and certain other filings by us S. Gladstone Commercial cautions readers not to place undue reliance on such forward-looking statements, which speak only as of the date of this publication. The company assumes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or for any other reason.

For investor relations information related to any of Gladstone’s monthly dividend paying funds, please visit http://www.gladstonecompanies.com/.

SOURCE: Gladstone Commercial Corporation

View source version on accesswire.com:
https://www.accesswire.com/622534/Gladstone-Commercial-Announces-128-Million-Industrial-Acquisition-in-Pittsburgh-Pennsylvania

Published on December 29, 2020