Gladstone Inks Atlanta Sale-Leaseback Deal

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."

For more news and information visit Blumberg Partners.

Gladstone Picks Up PA Warehouse for $39M

Gladstone Commercial Corporation, a Virginia-based REIT, announced this week that it had purchased a bulk distribution warehouse in Taylor, PA from Kane Properties for $39 million. While terms of the deal were not disclosed, Citizen's Voice reported that the deed is signed by Edward M. Kane, president of Kane Realty. The realty company is affiliated with Kane Is Able Inc., a warehousing and transportation concern based in Scranton. The property is occupied by a regional third-party logistics company under a ten-year absolute net lease.

"This acquisition is consistent with our strategic decision to focus our acquisition efforts on high-quality, functional properties in primary and strong secondary markets" said Matt Tucker, Managing Director of Gladstone Commercial. "The property is a high-quality front-loading distribution building, with 35-foot clear heights and 169 dock doors. We believe that this property, located in the Northeastern Pennsylvania submarket of the I-81 distribution corridor, a very strong primary distribution market, will provide stable long-term accretive returns to our shareholders."

For more news and information visit Blumberg Capital Partners.

Springfield Office Building Sold for $15.9M

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.