Gladstone Commercial Corporation Announces Sale of Champaign, IL Office Buildings

About this update from Gladstone Commercial Corporation - Real Estate Investment Trust

[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / October 29, 2020 / Gladstone Commercial Corporation (NASDAQ:GOOD) (\"Gladstone Commercial\") announced today the sale of three adjacent single-story office buildings in Champaign, IL. The buildings total 87,862 square feet and are leased to a single tenant with approximately four years of lease term remaining. Gladstone Commercial purchased the properties in 2006 and had executed multiple lease renewals with the tenant.Gladstone Commercial realized net proceeds after expenses of approximately $13.2 million and a gain of approximately $4.1 million upon the sale. Gladstone Commercial owned the assets for approximately 14 years and realized a leveraged internal rate of return of approximately 13.3% on its investment.\"The transaction is consistent with our strategy of exiting tertiary markets and reducing our overall concentration in office properties,\" stated Matt Tucker, Executive Vice President and Head of the Northeast and Midwest Regions for Gladstone Commercial. \"We were able to successfully exit the buildings at a substantial gain while realizing strong returns over the life of the investment. This sale provides us the opportunity to re-deploy the proceeds into industrial product in target markets.\"About 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. As of June 30, 2020, Gladstone Commercial's real estate portfolio consisted of 122 properties located in 28 states, totaling approximately 15.1 million square feet. For additional information please visit www.gladstonecommercial.comFor Broker Submittals:South/Central:Buzz Cooper Executive Vice President(703) [email protected]/Northeast:Matt TuckerExecutive Vice President(703) [email protected]/West:Brandon FlickingerExecutive Vice President(703) [email protected] or Media Inquiries:Bob CutlipPresident - Gladstone Commercial Corporation(703) [email protected] statements contained 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 ...

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