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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.