MCLEAN, Va., Feb. 20, 2018 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) announced today that it sold its 64,000 square foot industrial property located in Arlington, Texas for gross proceeds of $5.6 million. The single tenant class C bakery facility was purchased by the tenant. Gladstone Commercial purchased the property in 2005 for $5.3 million and upon its exit recognized a levered internal rate of return of approximately 15% on its investment.

“This transaction is consistent with our strategy to divest non-core assets in order to recycle capital as we grow and maintain an institutional quality portfolio,” said Buzz Cooper, Senior Managing Director of Gladstone Commercial. “We will continue to prioritize high quality assets in our target markets, and divesting this asset allowed Gladstone Commercial to achieve an attractive return on one of our legacy assets.”

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. As of December 31, 2017, the Company owned 99 properties located in 24 states, totaling approximately 11.5 million square feet with portfolio occupancy of 98%. Additional information can be found at www.gladstonecommercial.com.