Gladstone Commercial Corporation, a publicly-traded REIT based in McLean, VA, purchased a 78,421 square foot office building in Springfield, Missouri for $15.9 million this week. The property, built in 2006, was built-to-suit for T-Mobile, which has leased the property through 2021 with three options to renew for five year periods. Gladstone assumed an $11.6 million mortgage as part of the transaction. Stan Johnson Co. represented the buyer, an unnamed private investor, in the transaction.
"We are excited to add this property, and a strong tenant like T-Mobile, to our existing portfolio," said Buzz Cooper, the Gladstone's Managing Director responsible for the transaction. "This acquisition continues our plan for growth in 2011 and we are pleased to add this great property to our substantial list of quality investments," said Chip Stelljes, the Gladstone's President and Chief Investment Officer.
For more news and information visit Blumberg Capital Partners.
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