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Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") announced today that it has sold its 26,080 square foot Pittsburgh, Pennsylvania office building.
Gladstone Commercial realized a leveraged internal rate of return of approximately 18% on the investment, which it originally acquired in 2011.
"We completed an early lease extension with the current tenant, which enabled us to capitalize on the sale with significant term remaining, which was attractive to the market," said EJ Wislar, Chief Investment Officer of Gladstone Commercial.
"The Matthews Real Estate Investment Services team of Charles Borges and Andrew Gross did a great job in sourcing a strong offer," stated Greg Yayac, Senior Vice President of Gladstone Commercial. "We are very pleased with the result."
"This sale furthers our capital recycling plan as we continue to re-position our portfolio," added Buzz Cooper, President of Gladstone Commercial.
Posted In: GOOD
