Gladstone Commercial Corporation Announces Property Acquisition in New Albany, OH
June 06, 2012 at 16:05 PM EDT
MCLEAN, Va., June 6, 2012 /PRNewswire/ -- Gladstone Commercial Corporation (NASDAQ: GOOD) (the "Company") reported today that it purchased an 89,000 square foot building in New Albany, OH for $13.3 million. The property is comprised of a three-story office building connected to a two-story research and development facility. The building is leased to CV Management Corporation, a wholly-owned subsidiary of Commercial Vehicle Group, Inc. (NASDAQ: CVGI) which guarantees the lease.
Commercial Vehicle Group, Inc. ("CVGI") is a leading global supplier of fully integrated interiors system solutions for the global commercial vehicle market, including the heavy-duty (Class 8) truck market, the construction, military, bus and agriculture markets and the specialty transportation market. CVGI's products include static and suspension seat systems, electronic wire harness assemblies, control and switches, cab structures and components, interior trim systems, and mirrors and wiper systems, all of which are specifically designed for applications in commercial vehicles.
"We are excited to add the headquarters facility of a tenant of the caliber of CVGI to our portfolio," said Matt Tucker, Director of our investment adviser responsible for the transaction.
Gladstone Commercial Corporation is a real estate investment trust ("REIT") that invests in and owns net leased industrial, commercial and retail real property and selectively makes long-term industrial and commercial mortgage loans. The Company currently owns 75 properties. Including payments through May 2012, the Company has paid 89 consecutive monthly cash distributions on its common stock. Prior to paying distributions on a monthly basis, the Company paid five consecutive quarterly cash distributions. The Company has paid 77 consecutive monthly cash distributions on its Series A preferred stock, 68 consecutive monthly cash distributions on its Series B preferred stock and 25 consecutive monthly cash distributions on its Senior Common Stock. The Company has never skipped, reduced or deferred a monthly distribution since inception, over eight years ago. Additional information can be found at www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
SOURCE Gladstone Commercial Corporation