Gladstone Commercial Corp. Announces Property Acquisition in Hickory, NC

MCLEAN, VA,  /PRNewswire/ -- Gladstone Commercial Corporation (Nasdaq: GOOD) (the "Company") reported  it purchased a 60,000 square foot office building in Hickory, North Carolina for $10.7 million.

The property was built-to-suit for the current tenant in 2008, who has nine years remaining on the lease.  The tenant also has two options to extend the lease for additional periods of five years each.  The guarantor of the lease is a public, investment grade corporation.

"We are excited to add this property and quality tenant to our existing portfolio, and we are looking forward to continuing to grow our portfolio during 2011," said Chip Stelljes (top right photo) the Company's President and Chief Investment Officer. 

Gladstone Commercial Corporation is a publicly-traded real estate investment trust ("REIT") that focuses on investing in and owning triple-net leased industrial and commercial real estate properties and selectively making long-term mortgage loans.  

Additional information on this transaction can be found at http://www.gladstonecompanies.com/.

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit http://www.gladstone.com/.

Contact:: Gladstone Commercial Corporation, +1-703-287-5893

Web Site: http://www.gladstonecompanies.com/

David J. Feece Rejoins Grubb & Ellis as Vice President, Industrial Group in San Jose, CA

  

SAN JOSE, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that David J. Feece (top right photo) has rejoined the company’s San Jose office as vice president, Industrial Group. 

“David has spent his entire 23-year career in San Jose and has developed a broad understanding of the market from his experience in nearly every facet of commercial real estate.  He is a strong addition to our team,” said Dick Scott, (lower left photo) managing director of the company’s San Jose office.

 Feece returns to the company after spending 10 years as the owner and manager of Acme Property Management & Development Inc. in San Jose.  

He was previously with Grubb & Ellis’ San Jose office for nine years as an associate specializing in the leasing of industrial, office and retail properties, as well as value-add opportunities for owner/users. 

During his tenure, he was recognized as San Jose’s New Salesperson of the Year as well as a Top Producer.  He began his career in the local construction market in 1987. 

 Contact: Julia McCartney ,Phone:  714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com

         

Evergreen Devco Inc. Selects Grubb & Ellis to Lease 596,000-SF Retail Portfolio in Arizona

PHOENIX, AZ– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Evergreen Devco Inc. has selected Bill Finch, vice president, and Alex Gonzalez, senior associate, both of the company’s Retail Group, as the leasing agents of Goodyear Centerpointe, Villago Marketplace, Anthem Marketplace at Merrill Ranch and Sonoran Desert Village.  

The properties offer a total of 596,000 square feet of space in the Phoenix metro area. 

 “This retail portfolio consists of well positioned properties anchored and leased by national retailers. Prospective tenants have the opportunity to lease or build out a wide range of available spaces and pads, while benefiting from a strong, experienced ownership like Evergreen,” said Finch. 

 Goodyear Centerpointe (top left photo) is a 290,000-square-foot regional power center located at the intersection of Interstate 10 and Pebble Creek Parkway in Goodyear.  The center is 98 percent leased to a variety of tenants, including Sport Chalet, Toys ‘R’ Us Inc., Babies ‘R’ Us Inc., Paradise Bakery & Cafe and Rubio’s Inc.

  There are two suites, 1,123 and 4,910 square feet in size, currently available for lease, as well as two pads available for lease or build-to-suit, offering approximately 27,000 and 37,200 square feet of space.  Additionally, there is 12,000 square feet of space available for pre-leasing in a planned multi-tenant building on the site.   

 A 156,000-square-foot grocery-anchored shopping center, Villago Marketplace (top right photo) is located at the northeast corner of the intersection of McCartney Road and Pinal Avenue in Casa Grande.  The center is anchored by Fry’s Marketplace and 92 percent leased.

 Other tenants include McDonald’s Corporation, JPMorgan Chase & Company, Subway Restaurant and United Parcel Service of America Inc.  Space currently available ranges in size from 900 to 6,135 square feet, with pads available for ground lease or build-to-suit opportunities. 

Anthem Marketplace at Merrill Ranch (middle left photo) is a 135,000-square-foot grocery-anchored shopping center located at the northeast corner of the intersection of Hunt Highway and Merrill Ranch Parkway in Florence.  The center is currently 98 percent leased with 1,915 square feet of space available and three pads ranging in size from 1 to 3 acres. 

Tenants include Safeway, McDonald’s Corporation, Wells Fargo Bank N.A., United Parcel Service of America Inc. and Allstate Insurance.   

 Sonoran Desert Village (lower right photo) is a 15,000-square-foot shopping center situated at the southwest corner of 27th Avenue and Carefree Highway.  The 80 percent leased center is anchored by Walgreens, which is joined by Wells Fargo Bank N.A. and Street of New York.  Space available ranges in size from 960 to 2,400 square feet. 

 For more information, call 602.952.3800, or contact Finch at bill.finch@grubb-ellis.com , or Gonzalez at alex.gonzalez@grubb-ellis.com

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Contact: Julia McCartney,  Phone: 714.975.2230                                      ,                                   

Email  julia.mccartney@grubb-ellis.com

          

Marcus & Millichap Arranges $18.4 Million Sale of Seattle Shopping Center

SEATTLE, WA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of  the Promenade 23 Shopping Center (top left and bottom right photos), a 97,017-square foot shopping center in Seattle. The sales price of $18.4 million represents $189 per square foot.

 Dino Christophilis, an associate vice president investments in the firm’s Seattle office, represented the buyer, Weingarten Realty Investors.

“’The Promenade 23,’ as it is called locally, is the retail focal point of Seattle’s Central District,” says Christophilis. “Weingarten Realty plans to explore options for improving the center. Local zoning permits heights of up to 65 feet, which creates some intriguing possibilities,” adds Christophilis.

 The property is located at 303 and 323 24th Ave. S and 2309 South Jackson St. in Seattle, due east of the downtown business district and one of Sound Transit’s light rail stops.

The center consists of Promenade North, located at the northeast corner of 23rd Ave. S and Jackson St., and Promenade South, located at the southeast corner of 23rd Ave. S and Jackson St.

The Promenade 23 Shopping Center is anchored by a freestanding Starbucks, a freestanding Walgreens and local food chain Red Apple Grocery.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716