Gladstone Commercial continues to grow with out-of-state transactions

Published June 10, 2015 by Paula C. Squires

Gladstone Commercial Corp., a real estate investment trust based in McLean, said Wednesday that it purchased a three-story, 86,409-square-foot, single-tenant office building in Draper, Utah, for $22.2 million.

The Class A property is leased to EMC Corp. through December 2021. The property is located in the Lone Peak Center Office Park, a master-planned park in the southeast submarket of Salt Lake City. It is one of EMC's eight global Centers of Excellence.

EMC is a technology company that develops and supports IT storage hardware and cloud computing software to customers around the world.

“This acquisition marks our first acquisition in the Salt Lake City market and our fifth acquisition in the Western U.S., which continues our strategic expansion into both primary and secondary markets in the Western U.S.,” Andrew White, Gladstone’s managing director, said in a statement.

Gladstone said its real estate portfolio now consists of 100 properties located in 24 states, totaling about 10.9 million square feet.

In another transaction, the company announced a lease expansion in Columbus, Ohio.

Gladstone reported that it has executed a lease amendment at a property located at 7450 Huntington Park Drive with the anchor-tenant, Quantum Health Inc.

Quantum will expand into 9,484 square feet currently occupied by Flexicom LLC and occupy 100 percent of the property beginning in December 2016.

Gladstone acquired the 114,786-square-foot office building, which serves as Quantum's headquarters, for $11.9 million in May 2014.

Quantum has grown from occupying 24 percent of the property in 2007 to its current plan of expanding into the entire building.