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Thanks to our partners for a great 2015


2015 ACQUISITIONS

 
 
 
 

$22,200,000

Salt Lake City, UT

Third Party Purchase

On May 29, 2015 Gladstone Commercial purchased a 86,409 square foot Class A three-story office building in Draper, Utah, a suburb of Salt Lake City, for $22.2 million. The Property is 100% leased to EMC Corporation, an S&P A rated credit tenant, through December 2021. The going-in cap rate was 7.7% and the average cap rate was 8.0%. The acquisition marked Gladstone's first acquisition in the Salt Lake City market.

The property serves as one of EMC's eight Global Centers For Excellence and is adjacent to I-15. The property is located 20 minutes south of Salt Lake City, and at the time of acquisition the submarket had an office vacancy rate of 12.3%.

 
 
 
 

Office Acquisition

$24,700,000

Richardson, TX

Third Party Purchase

On March 6, 2015 Gladstone Commercial purchased a two-story, 155,984 square foot, single-tenant office building located in Richardson, Texas for $24.7 million. The going-in cap rate was 7.95% and the average cap rate was 8.26%.

Located in Dallas's Telecom Corridor, the property has direct access to North Central Expressway (US-75), President George Bush Turnpike (SH 190) and LBJ Freeway (I-635) and includes an above-market parking ratio of 7.31/1,000.

The tenant operates the nation's largest Medicare exchange and is wholly-owned by leading global professional services firm Towers Watson & Co. (NYSE:TW). The property lease runs through October 2024.

 
 
 
 

$13,000,000

Atlanta, GA

Sale Leaseback

On July 15, 2015 Gladstone Commercial purchased a four-story, 78,151 square foot multi-tenant office building located in Atlanta, Georgia for $13.0 million. The going in cap rate was 9.10% and the average cap rate was 9.93%.

The property has been leased back to Delta Community Credit Union. The property houses the tenant's flagship retail branch and also serves as an office location for the tenant. The branch has a six lane drive-through which has direct access from Delta Boulevard, the main exit from the Delta Air Lines global campus. The retail branch has been leased back to the tenant for 15 years through July 2030 and the office space has been leased back to the tenant for 7 years through July 2022 (9.39 years weighted average remaining lease term).

Founded in 1940 and based in Atlanta, GA, Delta Community Credit Union is the 23rd largest credit union in the U.S. and is the largest credit union in the state of Georgia with 26 branches.

 
 
 
 

Headquarters Office

$7,700,000

Columbus, OH

Sale Leaseback

On May 28, 2015 Gladstone Commercial purchased a 78,033 square foot four-story office building in Columbus, Ohio for $7.7 million.

The building serves as the headquarters of a privately owned home-based healthcare provider. The property has been leased back to the tenant for 15 years under an absolute net lease with an expiration date of May 2030. The going-in cap rate on the acquisition was 7.47% with an average cap rate of 8.25%.

The property is well maintained with over $500k spent on recent renovations including a new parking lot and roof, upgrades to HVAC system and landscaping and suite renovations. Overall, the tenant has spent $3.0 million on property renovations. The Property is configured well for multiple tenants.

 
 
 
 

$6,550,000

Atlanta, GA

Sale Leaseback

On October 20, 2015, Gladstone Commercial completed a sale leaseback transaction for $6.5 million with Universal Pasteurization, the largest High Pressure Pasteurization food processor in the U.S. The 18-year lease expires October 31, 2033. The 90,626 square foot cold storage/freezer industrial building is expandable by 50% and is located on 12.12 acres in Villa Rica, GA, a western suburb of Atlanta, GA.

This acquisition illustrates Gladstone Commercial's commitment to acquiring mission-critical real estate leased to quality tenants.

 
 
 
 

$3,650,000

Birmingham, AL

Third Party Purchase

On March 20, 2015 Gladstone Commercial purchased a 30,850 square foot office building in Birmingham, Alabama for $3.6 million. The property is fully leased through July 2023 to TekLinks, Inc., a leading and growing provider of information technology consulting and technology-related services to businesses in the Gulf South. The going-in cap rate was 8.6% and the average cap rate was 9.12%.

The property is located in Birmingham, AL, six miles south of the Birmingham central business district. The property, which serves as TekLinks' headquarters, is adjacent to I-65, which allows the tenant quick access to its customers in both the CBD and the southern Birmingham suburbs. Approximately 15% of the property is dedicated data center space.

 
 
 
GLADSTONE COMMERCIAL CORPORATION (NASDAQ: GOOD)
Gladstone Commercial is a real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States. Gladstone seeks to expand its portfolio through acquisitions, joint venture development, and sale-leaseback transactions. Gladstone Commercial's real estate portfolio consists of 99 properties located in 24 states, totaling 11 million square feet. Gladstone's common shares are traded on the NASDAQ under the symbol "GOOD." For additional information please visit www.gladstonecommercial.com.

Investor or Media Inquiries:
Bob Cutlip
President - Gladstone Commercial Corporation
(703) 287-5878
Bob.Cutlip@gladstonecompanies.com

SENIOR REAL ESTATE TEAM
 

South/Southwest:
Buzz Cooper
Senior Managing Director
(703) 287-5815

  Midwest/Northeast:
Matt Tucker
Managing Director
(703) 287-5830
  West:
Andrew White
Managing Director
(310) 953-4960
  Tennessee/Kentucky:
Brandon Flickinger
Director
(703) 287-5819
 
 

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1521 Westbranch Drive • Suite 100 • McLean, VA 22102
Phone: (703) 287-5800• Fax: (703) 287-5801