Gladstone Commercial Corp. (GOOD) shares witnessed a marginal rise following the company’s announcement of the acquisition of an 86,495 square foot, five-story multi-tenant office building in Indianapolis, on Thursday. Valued at $10.5 million, the acquisition is in sync with the company’s strategic expansion in the primary and strong secondary U.S. markets. Notably, this multi-tenant property serves as the headquarters of Visionary Enterprises Inc., the for-profit subsidiary of Community Health Network (CHN).
CHN is a top healthcare-services provider in Central Indiana. As a non-profit organization, CHN integrates physicians, specialty and acute care hospitals, surgery centers, home care services, MedChecks, behavioral health and employer health services.
Based in McLean, VA, Gladstone Commercial is a real estate investment trust (REIT), which owns and invests in net leased commercial, industrial and retail real estate properties. Currently, the company has presence in 23 states. Moreover, comprising 94 properties, its real estate portfolio spans over 10.1 million square feet. The latest acquisition is likely to expand and strengthen the company’s anchored multi-tenant platform in the Indianapolis market.
Gladstone Commercial inked several acquisition deals, the latest one being the eighth this year. In July, the company acquired a 124,800 square foot building in the Denver suburb of Aurora, CO; while in May, it had acquired a three-storied, 114,786 square foot, multi-tenant office building in Columbus, OH, for $11.8 million. Three weeks before that, the company had purchased a 61,358 square foot, creative office building in Rancho Cordova, CA for $8.2 million.
Gladstone Commercial currently has a Zacks Rank #2 (Buy). Other equity REITs worth considering include Government Properties Income Trust (GOV), Pebblebrook Hotel Trust (PEB) and Sotherly Hotels Inc. (SOHO). Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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