ATLANTA—Gladstone Commercial Corporation just acquired a four-story, 78,151 square foot office building located in Atlanta. The sale price: $13 million.

As part of a sale-leaseback deal, the property was leased back to the Delta Community Credit Union. Founded in 1940 and based in Atlanta, Delta Community Credit Union is the 23rd largest credit union in the US and is the largest credit union in the state of Georgia with 26 branches.

“This acquisition demonstrates Gladstone Commercial's continued focus on partnering with strong tenants to acquire properties in growing markets," says Gladstone senior managing director Buzz Cooper. "This acquisition brings our Atlanta MSA portfolio to nine properties. We look forward to expanding our relationship with Delta Community Credit Union in the future."

The office building houses the tenant's flagship retail branch and also serves as an office location for the tenant. The retail branch has been leased back to the tenant for 15 years and the office space has been leased back to the tenant for 7 years.

Gladstone's real estate portfolio now consists of 101 properties located in 24 states. The portfolio totals approximately 11.1 million square feet.

“The fundamental strategies for sale-leasebacks remain unchanged despite the ups and downs in the real estate markets in the recent past,” Ankur Gupta, a partner in the Chicago offices of McDermott Will & Emery's Corporate Advisory Group, tells GlobeSt.com. “But savvy players are fine-tuning those strategies in the current recovery to gain an edge over the competition to help them offer the most attractive terms for a given transaction.”

Atlanta has seen some interesting sale-lease backs. In June, 12 restaurants traded in a creative sale-leaseback transaction.