Gladstone Commercial Expands Orlando Footprint
- Jan 04, 2019
Gladstone Commercial Corp. has acquired a Class A office building in the Orlando, Fla., suburb of Lake Mary, for $18.5 million. According to Yardi Matrix, the last recorded owner was Starwood Capital Group, which purchased the property in July 2017 from DRA Advisors for $16 million.
Located at 1000 Business Center Drive, the 87,080-square-foot property is fully leased to CentralSquare Technologies, a newly formed company through a merger of Superior, TriTech and the public sector and health-care business of Aptean, which was arranged by equity sponsors Bain Capital and Vista Equity Partners. The lease runs through December 2029 and serves as the company’s new headquarters. The building stands three stories and was built in 1997. Asset features include controlled access, 331 parking spaces and common area Wi-Fi.
“This is our second acquisition in the Orlando MSA, which continues our strategic expansion into both primary and strong secondary markets in the U.S.,” said Brandon Flickinger, managing director of Gladstone Commercial Corp., in a prepared statement. “The long-term lease with CentralSquare will provide attractive stable returns to our investors over the long term given the attributes of the real estate and strong macroeconomic drivers of the Orlando economy.”
In November, the company acquired two industrial buildings for $21.3 million, located in the Detroit submarkets of Auburn Hills and Sterling Heights. The assets were purchased through an UPREIT transaction that was inclusive of assumed debt, at a 7.5 percent cap rate.
Image courtesy of Yardi Matrix