Acquisition Part of Western U.S. Expansion Strategy
Gladstone Commercial Corporation (NASDAQ: GOOD) has purchased Parkside Office Plaza, a three-story, 97,797 square foot, single-tenant office building located in Englewood, Colorado for $18,250,000. The Class A, LEED Gold property is 100% leased to ViaSat, Inc., an innovator in satellite and other wireless networking systems and services based in Carlsbad, CA. "This acquisition is consistent with our strategic decision to expand our acquisition efforts in both primary and secondary markets in the Western U.S." said Andrew White, Managing Director of Gladstone Commercial. "The Class A construction, strong tenancy and premiere location in Denver's Southeast submarket will provide stable and attractive returns for our investors."
Cushman & Wakefield of Colorado’s team of Vice Chairmen Mike Winn and Tim Richey, along with Director Chad Flynn handled the transaction on behalf of Founders Properties, the seller. Mike Winn of C&W said, “It was a pleasure to work with Founders and Gladstone in ensuring a mutually beneficial transaction of this top tier asset.”
“On behalf of our investors we saw an opportunity to take advantage of the strong characteristics of this asset and the Denver market.” said David Watson, Vice President of Founders Properties.
Parkside Office Plaza was constructed in 2008 and is located at 349 Inverness Drive in Denver’s South East Suburban Inverness Business Park. The asset, housing critical operations for ViaSat’s Exede and Wildblue internet services, boasts a reliable revenue stream as well as state-of-the-art building infrastructure and technology. The acquisition served as Gladstone’s first purchase for their expansion in the western U.S. They now own 86 properties in 22 states totaling in excess of 9 million square feet.
The Gladstone Group
Leaders in private equity, debt and real estate ownership and financing, the Gladstone Companies are a family of public and private investment funds. Their funds invest in commercial real estate, farmland, and small and medium-sized companies and provide financing to such businesses across the capital structure, from second lien and mezzanine debt, to equity and real estate financing solutions. Financing for the Gladstone Companies is provided by four public investment vehicles: Gladstone Capital Corporation (NASDAQ: GLAD), Gladstone Investment Corporation (NASDAQ: GAIN), Gladstone Commercial Corporation (NASDAQ: GOOD), and Gladstone Land Corporation (NASDAQ: LAND).
Headquartered in Minneapolis, MN, Founders Properties is a privately held asset management and investment services company focused on real estate investment opportunities across the U.S. Founders is capable of underwriting a variety of real estate investment opportunities as well as securing financing alternatives through strategic lending relationships. Founders holds a portfolio of approximately 100 institutional grade properties including office, industrial, retail and mixed.