Gladstone Commercial Corporation reported today that it sold its 540,000-square-foot industrial property located in Sterling Heights, Mich. for $11.4 million, representing a gain on sale of about $1.2 million.
“This was a good opportunity for us to sell a non-core asset at a price that was beneficial to shareholders,” said Jason Kowalski, Senior Asset Manager of the Company’s investment adviser. “We will be able to redeploy the capital into new investments that are in-line with our strategy of focusing on high-quality real estate in primary and strong secondary markets.”
Gladstone Commercial’s real estate portfolio now consists of 92 properties located in 23 states, totaling approximately 9.9 million square feet.
Gladstone Commercial Corporation is a real estate investment trust (REIT) that invests in and owns net leased industrial, commercial and retail real property. Additional information can be found at www.gladstonecompanies.com.