Gladstone Development Corp. Announces Acquisition of Major Connecticut Grocery-Anchored Center

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 13, 2011 -- FOR IMMEDIATE RELEASE
Gladstone Development Corp. Announces Acquisition of Major Connecticut Grocery-Anchored Center
Greenwich, CT, September 13, 2011 – Gladstone Development Corp. announces that Winrock LLC has completed the purchase of The Shops at Ledgebrook, a grocery-anchored shopping center in Winsted, Connecticut for a purchase price of $15,360,000.

The center, located on Route 44 (New Hartford Road), contains over 105,000 square feet of leasable space and is 92% occupied. It is anchored by Super Stop & Shop and Rite Aid. The center also contains other strong national and regional tenants, including Cingular, State Farm, TD Bank and Webster Bank, along with a host of local retailers.

Richard Gladstone, a principal in Winrock LLC and President of Gladstone Development Corp., said “We are pleased to announce the acquisition of The Shops at Ledgebrook. The center is well located on Route 44, has a strong tenant roster and is the dominant shopping center in the Winsted market. We believe that The Shops at Ledgebrook will continue to be a popular choice for retailers and local residents for many years to come.”

About Gladstone Development Corp.

Gladstone Development Corp., based in Greenwich, CT, is a real estate investment company that specializes in the acquisition, leasing and redevelopment of shopping centers on the East Coast. With principals that have over 70 years of combined experience in commercial real estate, Gladstone Development Corp. has owned commercial properties in 11 states and seeks further acquisitions of retail, multi-family, office and industrial properties. For more information, visit the company’s website at www.gladstonedevelopment.com.

SOURCE: Gladstone Development Corp.

For additional information, please contact:

Richard H. Gladstone, President
Gladstone Development Corp.
35 Mason Street
Greenwich, CT 06830
(203) 629-5100

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