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Gladstone Commercial Corp. expands portfolio in Ohio, Utah with $38M deal

Gladstone Commercial Corp. purchased an office building in Columbus, Ohio, and another in Salt Lake City, totaling 204,587 square feet, for $37.6 million.

The deal for the fully leased portfolio, with a weighted average lease term of 8.6 years, carries an initial capitalization rate of 8.18% and an average capitalization rate of 9.23%.

The three-story, class A office building in the Easton submarket of Columbus encompasses 102,559 square feet. Morgan Stanley Smith Barney Financing LLC has 84% of the asset leased through Dec. 31, 2025, with the rest occupied by Congressional Bank through July 31, 2020.

The Salt Lake City building is a 102,028-square-foot, three-story, class A office building leased completely to Morgan Stanley Smith Barney through Dec. 31, 2027.