trending Market Intelligence /marketintelligence/en/news-insights/trending/0GbrC7fZ3kkcfYmAxQxKiQ2 content esgSubNav
In This List

Gladstone Commercial completes $51M buy of Fla. office portfolio

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

Blog

Real Estate News & Analysis: May Edition


Gladstone Commercial completes $51M buy of Fla. office portfolio

Gladstone Commercial Corp. bought a class A portfolio of three office buildings in Orlando, Fla., for $51.4 million, representing an initial capitalization rate of 7.43%.

The 306,435-square-foot Maitland Preserve portfolio is fully leased and has a weighted average lease term of 8.7 years. Automatic Data Processing Inc. unit ADP LLC has a lease agreement for 72% of the portfolio through September 2027.

The portfolio comprises the five-story, 177,117-square-foot Eastwoods building; the three-story, 79,318-square-foot Westwoods building; and the single-story 50,000-square-foot Southwoods property. The assets come with two parking structures.

The transaction was funded using a mortgage at a 3.89% fixed interest rate.

The purchase marks Gladstone's entry into the Orlando metropolitan statistical area, the company said in a release.