Gladstone Commercial Expands in Columbus

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Gladstone Commercial Corp. (GOOD) acquired a three-storied, 114,786 square foot multi-tenant office building in Columbus, OH. Valued at $11.8 million, this acquisition is aligned with the company’s strategic expansion in the primary and secondary markets in the U.S. Notably, this multi-tenant property is the headquarters of Quantum Health, Inc., a health care coordination firm.
 
Based in McLean, VA, Gladstone Commercial is a real estate investment trust (:REIT), engaged in investing in and owning net leased commercial, industrial and retail real estate properties. Currently, the company has presence in 23 states. Its real estate portfolio consists of 92 properties, spanning over around 9.5 million square feet area. This latest acquisition is likely to strengthen Gladstone Commercial’s presence in the Columbus market and also expand its multi-tenant platform.

In recent times, Gladstone Commercial has entered into several acquisition deals, the present one being the fifth this year.  Barely three weeks ago, Gladstone Commercial purchased a 61,358 square foot creative office building in Rancho Cordova, CA for $8.2 million.

In the first-quarter 2014, the company purchased two properties, spanning over 41,509 square feet area at an aggregate purchase price of $10.0 million. In the fourth-quarter 2013, Gladstone Commercial purchased 7 fully-occupied properties at a price of $131.2 million, comprising of 983,000 square feet of rental space.

Gladstone Commercial currently has a Zacks Rank #4 (Sell). Some better-ranked equity REITs include The GEO Group, Inc. (GEO), Rexford Industrial Realty, Inc. (REXR) and Terreno Realty Corp. (TRNO). All of these stocks sport a Zacks Rank #1 (Strong Buy).

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