MCLEAN, Va., Feb. 01, 2017 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, announced today that it sold its 183,000 square foot industrial property located in Franklin Township, New Jersey for gross proceeds of $12.8 million. The single tenant class B facility had a remaining lease term of approximately 3.5 years at the time of the sale. Gladstone Commercial purchased the property in 2005 for $8.2 million and upon its exit recognized a levered internal rate of return of approximately 24% on its investment.

"This transaction is consistent with our capital recycling strategy that seeks to divest non-core assets outside of our target markets while growing and maintaining a best-in-class portfolio in strong secondary markets," said Matt Tucker, Managing Director of Gladstone Commercial. “We were able to opportunistically sell this short term leased asset at a substantial profit.”

About Gladstone Commercial Corporation (NASDAQ:GOOD)

Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. Its real estate portfolio consists of 97 properties located in 24 states, totaling approximately 11.1 million square feet. For additional information please visit www.gladstonecommercial.com.