Gladstone Commercial announced today that it acquired a five-story, 119,224 square foot, single-tenant office building
OREANDA-NEWS. 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 Citrix’s 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 Florida’s 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
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 Commercial’s real estate portfolio consists of 97 properties located in 24 states, totaling approximately 11.0 million square feet.