Gladstone Commercial Corporation, the McClean,VA-based REIT, announced this week that it had purchased an office building in Atlanta, GA for $13 million and, as part of a sale-leaseback deal, the property was leased back to the Delta Community Credit Union, the 23rd largest credit union in the U.S. The 78,151 square foot building is the credit union's flagship retail branch and also serves as an office location. The property address, representation and full terms of the deal were not disclosed.
"This acquisition demonstrates Gladstone Commercial's continued focus on partnering with strong tenants to acquire properties in growing markets," said Gladstone Commercial's Senior Managing Director Buzz Cooper in a press release. "This acquisition brings our Atlanta MSA portfolio to nine properties. We look forward to expanding our relationship with Delta Community Credit Union in the future."
"The fundamental strategies for sale-leasebacks remain unchanged despite the ups and downs in the real estate markets in the recent past," Ankur Gupta, a partner in the Chicago offices of McDermott Will & Emery’s Corporate Advisory Group, told GlobeSt.com in comments about the transaction. "But savvy players are fine-tuning those strategies in the current recovery to gain an edge over the competition to help them offer the most attractive terms for a given transaction."
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