Gladstone Commercial Corporation Completes $1.0 Million PACE-Funded Financing for Energy Saving Improvements at Akron, OH Property
Gladstone Commercial Corporation - Real Estate Investment Trust (GOOD)
Last gladstone commercial corporation - real estate investment trust earnings: 4/28 04:05 pm
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Source: GlobeNewswire
MCLEAN, Va., April 08, 2020 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone Commercial”) announced that it has closed a $1.0 Million Property Assessed Clean Energy (“PACE”) financing for its 260 Springside property in Akron, OH. The rate on the financing is 3.5%. The 84,000 SF single-story multi-tenant office building is 74% leased to Flexsys America L.P. (a subsidiary of Eastman Chemical Company) providing lab and office space for its Tire Additives Technology Center of Excellence. The financings cover 100% of the costs to replace a large portion of the building’s HVAC equipment including conversion from electric to gas for many units, to modernize fume hood controls, to install energy efficient interior lighting, and to tie all of it into a robust energy management system installed in 2019 allowing for continued refinement of energy saving strategies over the life of the equipment. Submeters will also be installed allowing for separate metering of t
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