Gladstone Commercial Corporation Signs Two Industrial Lease Renewals
November 13 2015 - 7:00AM
Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone
Commercial" or the "Company"), a real estate investment trust
focused on acquiring, owning and operating net leased office and
industrial properties, announced today that it has executed two
industrial lease renewals for leases that were originally set to
expire in 2016.
Gladstone Commercial executed an early renewal and 12-year lease
extension with Valspar Specialty Paints, LLC, which will be
guaranteed by The Valspar Corporation ("Valspar"), for all 125,692
square feet at the Company's industrial property located in a large
industrial park in Menomonee Falls, WI, a Milwaukee suburb. The
lease amendment extends the maturity to August 31, 2028 and adds
Valspar, the corporate parent, as a guarantor. Valspar, an S&P
BBB rated company, develops, manufactures and distributes a range
of coatings, paints and related products worldwide.
Gladstone Commercial also signed an early renewal and 5-year
extension with John Bean Technologies Corporation ("JBT") for all
67,200 square feet at the Company's industrial property located in
a business park in Chalfont, PA, a Philadelphia suburb. This lease
amendment extends the term through February 28, 2021. JBT designs,
manufactures, tests, and services products and systems for the food
processing and air transportation industries.
"We are excited that Valspar and JBT have chosen to extend their
leases at our properties to continue their growth. Both properties
are critical to each tenant's operations and are well located in
large business parks in strong secondary markets. By securing
these long-term lease renewals, we are maintaining 100% occupancy
at these properties through 2028 and 2021, respectively," remarked
Matt Tucker, Managing Director of Gladstone Commercial. "Today's
announcement brings total year-to-date 2015 leasing volume to over
740,000 square feet. We expect our same store rents to be stable
and growing in 2016, with only one remaining 2016 lease to
address."
About Gladstone Commercial Corporation
(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. Gladstone Commercial's real
estate portfolio consists of 101 properties located in 24 states,
totaling approximately 11.1 million square feet. For additional
information please visit www.gladstonecommercial.com.
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, and Section 21E of the Securities Exchange Act of 1934, as
amended. Words such as "anticipates," "expects," "intends,"
"plans," "believes," "seeks," "estimates" and variations of these
words and similar expressions are intended to identify
forward-looking statements. Readers should not rely upon
forward-looking statements because the matters they describe are
subject to known and unknown risks and uncertainties that could
cause the Company's business, financial condition, liquidity,
results of operations, funds from operations or prospects to differ
materially from those expressed in or implied by such statements.
Such risks and uncertainties are disclosed under the caption "Risk
Factors" of the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2014, as filed with the SEC
on February 18, 2015 and the Company's Form 10-Q for the
quarter ended June 30, 2015, as filed with the SEC on August 3,
2015. The Company 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.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds, please visit
www.gladstone.com.
CONTACT: For Broker Submittals:
South/Southwest:
Buzz Cooper
Senior Managing Director
(703) 287-5815
Buzz.Cooper@gladstonecompanies.com
West:
Andrew White
Managing Director
(310) 953-4960
Andrew.White@gladstonecompanies.com
Midwest/Northeast:
Matt Tucker
Managing Director
(703) 287-5830
Matt.Tucker@gladstonecompanies.com
Tennessee/Kentucky:
Brandon Flickinger
Director
(703) 287-5819
Brandon.Flickinger@gladstonecompanies.com
Investor or Media Inquiries:
Bob Cutlip
President - Gladstone Commercial Corporation
(703) 287-5878
Bob.Cutlip@gladstonecompanies.com
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