MCLEAN, Va., Jan. 02, 2019 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ: GOOD) announced today that it completed the acquisition of a 87,080 square foot, Class-A, three-story office building in the Orlando, FL suburb of Lake Mary for $18.5 million on December 27, 2018.
The property is 100% leased to CentralSquare Technologies (“CentralSquare”), through December 2029. CentralSquare is a newly formed company through the merger of Superion, TriTech, and the public sector and healthcare business of Aptean arranged by equity sponsors Bain Capital and Vista Equity Partners. The acquisition of the property is consistent with Gladstone Commercial’s growth strategy of acquiring high-quality assets in strong markets with credit-worthy tenants.
The property consists of a three-story, 87,080 square foot office building that serves as CentralSquare’s new headquarters.
“This is our second acquisition in the Orlando MSA, which continues our strategic expansion into both primary and strong secondary markets in the U.S.,” said Brandon Flickinger, Managing Director of Gladstone Commercial. “The long-term lease with CentralSquare will provide attractive stable returns to our investors over the long term given the attributes of the real estate and strong macroeconomic drivers of the Orlando economy.”
Bob Cutlip, President of Gladstone Commercial, agreed. “This transaction is an excellent acquisition in a strong growth market. The long-term lease increases the weighted average lease term of our portfolio, which minimizes near-term re-leasing costs and ensures the stability of our portfolio cash flow.”
About Gladstone Commercial (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. As of September 30, 2018, its real estate portfolio consisted of 99 properties located in 24 states, totaling approximately 11.6 million square feet. For additional information please visit www.gladstonecommercial.com
