Gladstone Commercial Corporation Executes 61,166 SF Lease at Minneapolis Industrial Property
MCLEAN, VA / ACCESSWIRE / April 29, 2021 / Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") announced today that it signed a lease with Mid-State Metal Works ("Mid-State") at its 3785 Pheasant Ridge Drive NE industrial property in Blaine, Minnesota, a suburb of Minneapolis. Construction of building improvements will begin immediately, with occupancy expected in June 2021.
Mid-State Metal Works is a full-service metal fabrication and machining shop which utilizes a manufacturing process that is unusually flexible and adaptable, enabling them to produce top-tier quality custom to small to midsize run jobs that other fabrication and machining shops tend to avoid or overprice.
Mid-State executed a seven year lease for 61,166 square feet, providing projected rental revenue of more than $2.6 million. The 92,000 square foot property is now 66% leased.
"We are happy to welcome Mid-State Metal Works to our Blaine property," said Karen Priesman, Senior Vice President and Head of Asset Management for the Midwest Region for Gladstone Commercial. "It has been a pleasure working with the entire Mid-State team to execute a lease in a matter of weeks, with lease commencement following just six weeks later. The market clearly appreciates the quality and location of the building, as well as the service provided by the CBRE property management team. We thank CRESA's Tim Carlson for his efforts in bringing Mid-State to the building and Ericka Miller and Kate Damato of KimbleCo for representing Gladstone Commercial."
"Executing this lease delivers on Gladstone Commercial's core attributes of signing long term leases with financially strong tenants. This transaction increases the weighted average term of our Midwest portfolio and is immediately accretive to FFO," said Bob Cutlip, President of Gladstone Commercial.
About Gladstone Commercial (NASDAQ:GOOD)
Gladstone Commercial Corporation is a real estate investment trust ("REIT") focused on acquiring, owning, and operating net leased industrial and office properties across the United States. As of December 31, 2020, Gladstone Commercial's real estate portfolio consisted of 121 properties located in 28 states, totaling approximately 15.4 million square feet. Additional information can be found at www.gladstonecompanies.com.
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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 Gladstone Commercial'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, 2020, as filed with the SEC on February 16, 2021 and certain other filings we make 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.
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SOURCE: Gladstone Commercial Corporation
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Released April 29, 2021