(GlobeNewswire) - Gladstone Commercial Corporation (NASDAQ:GOOD) (Gladstone Commercial) announced today that it acquired a five-story, 119,224 square foot, single-tenant office building located in Fort Lauderdale, FL, for $23.9 million at an average cap rate of 8.3%.
The property is leased to Citrix, under a triple-net (or NNN) lease. Citrix, a Fortune 1000 and S&P 500 company with a market capitalization of over $10 billion, provides a complete and integrated portfolio of Workspace-as-a-Service, application delivery, virtualization, mobility, network delivery and file sharing solutions that enables companies to ensure critical systems are securely available to users via the cloud or on premise and across any device or platform. The property sits adjacent to Citrixs headquarters and has been occupied by Citrix since 1997.
This acquisition marks our third acquisition in the South Florida market, which continues our strategic expansion into both primary and strong secondary markets in the U.S., said Buzz Cooper, Senior Managing Director of Gladstone Commercial. Brandon Flickinger, Director, Real Estate, of Gladstone Commercial, added the triple-net lease to a tenant with strong credit like Citrix will provide attractive stable returns to our investors over the long term given the attributes of the real estate and strong macroeconomic fundamentals driving the Fort Lauderdale economy, including Floridas unemployment rate of 4.7%.
Bob Cutlip, President of Gladstone Commercial, agreed, this transaction is an excellent acquisition in a sound market and continues our historical program of placing attractive fixed rate debt on our properties. This strategy protects our going-forward returns should interest rates rise.
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. Gladstone Commercials real estate portfolio consists of 97 properties located in 24 states, totaling approximately 11.0 million square feet. For additional information please visit www.gladstonecommercial.com.
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President Gladstone Commercial Corporation
All 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 Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company`s business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the caption "Risk Factors" of the Company`s Annual Report on Form 10-K for the fiscal year endedDecember 31, 2015, as filed with the SEC onFebruary 17, 2016. The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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