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Gladstone Commercial Announces Industrial Acquisition in Germantown, Wisconsin

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Gladstone Commercial Corporation (Nasdaq:GOOD) has acquired a newly constructed 303,991 square-foot, Class A industrial facility in Germantown, Wisconsin for $62.7 million. The state-of-the-art property features specialized freezer and cooler storage capabilities and is fully temperature controlled. The facility is 100% leased to G&H Pets, LLC through September 2044, with a weighted average GAAP capitalization rate of 8.74%. G&H Pets is the manufacturing platform for California Pet Partners, producing premium freeze-dried raw pet food for dogs and cats.

Gladstone Commercial Corporation (Nasdaq:GOOD) ha acquisito una struttura industriale di Classe A di nuova costruzione di 303.991 piedi quadrati a Germantown, Wisconsin, per 62,7 milioni di dollari. La propriet脿 all'avanguardia dispone di capacit脿 specializzate di stoccaggio in congelatore e frigorifero ed 猫 completamente controllata in temperatura. L'impianto 猫 affittato al 100% a G&H Pets, LLC fino a settembre 2044, con un tasso di capitalizzazione GAAP medio ponderato dell'8,74%. G&H Pets 猫 la piattaforma produttiva per California Pet Partners, che produce alimenti crudi liofilizzati di alta qualit脿 per cani e gatti.

Gladstone Commercial Corporation (Nasdaq:GOOD) ha adquirido una instalaci贸n industrial de Clase A de nueva construcci贸n de 303,991 pies cuadrados en Germantown, Wisconsin, por 62.7 millones de d贸lares. La propiedad de 煤ltima generaci贸n cuenta con capacidades especializadas de almacenamiento en congelador y refrigerador, y est谩 completamente controlada en temperatura. La instalaci贸n est谩 100% arrendada a G&H Pets, LLC hasta septiembre de 2044, con una tasa de capitalizaci贸n GAAP promedio ponderada del 8.74%. G&H Pets es la plataforma de fabricaci贸n para California Pet Partners, produciendo alimentos crudos liofilizados premium para perros y gatos.

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Gladstone Commercial Corporation (Nasdaq:GOOD) a acquis une installation industrielle de classe A r茅cemment construite de 303 991 pieds carr茅s 脿 Germantown, Wisconsin, pour 62,7 millions de dollars. Cette propri茅t茅 ultramoderne dispose de capacit茅s sp茅cialis茅es de stockage en cong茅lateur et en chambre froide, avec un contr么le total de la temp茅rature. L'installation est lou茅e 脿 100 % 脿 G&H Pets, LLC jusqu'en septembre 2044, avec un taux de capitalisation GAAP moyen pond茅r茅 de 8,74 %. G&H Pets est la plateforme de fabrication pour California Pet Partners, produisant des aliments crus lyophilis茅s haut de gamme pour chiens et chats.

Gladstone Commercial Corporation (Nasdaq:GOOD) hat eine neu errichtete, 303.991 Quadratfu脽 gro脽e Industrieanlage der Klasse A in Germantown, Wisconsin, f眉r 62,7 Millionen US-Dollar erworben. Die hochmoderne Immobilie verf眉gt 眉ber spezialisierte Gefrier- und K眉hllagerkapazit盲ten und ist vollst盲ndig temperaturkontrolliert. Die Anlage ist zu 100 % an G&H Pets, LLC bis September 2044 vermietet, mit einer gewichteten durchschnittlichen GAAP-Kapitalisierungsrate von 8,74 %. G&H Pets ist die Produktionsplattform f眉r California Pet Partners und stellt hochwertiges, gefriergetrocknetes Rohfutter f眉r Hunde und Katzen her.

Positive
  • Long-term lease secured until 2044 (20-year commitment)
  • Attractive 8.74% GAAP capitalization rate
  • 100% occupancy with a single tenant
  • Strategic acquisition of a Class A industrial facility with specialized temperature-controlled features
  • Property serves as mission-critical manufacturing facility for tenant
Negative
  • Significant single-tenant concentration risk
  • Large capital investment of $62.7 million in a single property

MCLEAN, VA / / May 12, 2025 / (Nasdaq:GOOD) ("Gladstone Commercial") is pleased to announce the acquisition of a newly constructed 303,991 square-foot, Class A, fully temperature controlled facility located in Germantown, Wisconsin. This state-of-the-art property was purchased for $62,700,000, providing a weighted average GAAP capitalization rate of 8.74%. The facility includes specialized freezer and cooler storage and was built to support high-capacity pet food production and distribution.

The facility is 100% leased to G&H Pets, LLC through September 2044. The tenant is the in-house manufacturing platform for California Pet Partners, producing premium freeze-dried raw pet food for dogs and cats currently sold under several brands.

Comments from Gladstone Commercial's Executive Vice President, Ryan Carter: "We are excited to expand our industrial portfolio with a mission-critical, high-quality asset leased to a strong, creditworthy tenant. This property stands out as one of the highest-quality assets in our portfolio and offers an attractive yield."

Comments from Gladstone Commercial's President, Buzz Cooper: "We continue to focus on high-quality industrial assets supported by a disciplined underwriting process. This acquisition reflects our commitment to investing in growing markets and securing facilities leased to creditworthy tenants in expanding industries. It aligns with our strategy to build a durable portfolio that supports long-term growth and stable cash flow."

About Gladstone Commercial (Nasdaq: GOOD)

Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of March 31, 2025, Gladstone Commercial's real estate portfolio consisted of 141 properties located in 27 states, totaling approximately 17.3 million square feet. For additional information, please visit .

For Broker Submittals:

Midwest/West

South Central:

Ryan Carter

Todd Alan McDonald

Executive Vice President

Senior Vice President

(571) 451-0019

(703) 287-5895

[email protected]

[email protected]

Southeast/Northeast

Nick Lindsay

Vice President

(703) 966-3864

[email protected]

Investor or Media Inquiries:

Buzz Cooper

Catherine Gerkis

President

Director of Investor Relations/ESG

(703) 287-5815

(703) 287-5846

[email protected]

[email protected]

All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements involve inherent risks and uncertainties as they relate to expectations, beliefs, projections, future plans and strategies, anticipated events, or trends concerning matters that are not historical facts and may ultimately prove to be incorrect or false. Forward-looking statements include information about possible or assumed future events, including, without limitation, those relating to the discussion and analysis of Gladstone Commercial's business, financial condition, results of operations, and our strategic plans and objectives. Words such as "may," "might," "believe," "will," "anticipate," "future," "could," "growth," "plan," "intend," "expect," "should," "would," "if," "seek," "possible," "potential," "likely" and variations of these words and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these words. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those included within or contemplated by such statements, including, but not limited to, the description of risks and uncertainties in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on February 18, 2025, and certain other filings made with the SEC. Gladstone Commercial cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For further information: Gladstone Commercial Corporation, (703) 287-5893

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit .

SOURCE: Gladstone Commercial Corporation



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FAQ

What is the value and size of GOOD's new industrial acquisition in Germantown, Wisconsin?

Gladstone Commercial acquired a 303,991 square-foot industrial facility in Germantown, Wisconsin for $62.7 million.

Who is the tenant of GOOD's new Germantown industrial facility?

The facility is 100% leased to G&H Pets, LLC, the manufacturing platform for California Pet Partners, through September 2044.

What is the capitalization rate for GOOD's Germantown acquisition?

The property was acquired at a weighted average GAAP capitalization rate of 8.74%.

What are the special features of GOOD's new Germantown industrial facility?

The facility is a Class A, fully temperature-controlled property with specialized freezer and cooler storage, built for high-capacity pet food production and distribution.

How long is the lease term for GOOD's Germantown industrial property?

The property is leased to G&H Pets, LLC through September 2044, representing a 20-year lease commitment.
Gladstone Commercial Corp

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