Gladstone Commercial Corporation Executes 7.75-year Lease Renewal at Office Property in Burnsville, Minnesota
MCLEAN, VA / ACCESSWIRE / July 14, 2021 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") announced today that it signed a lease renewal with Power Engineers Incorporated ("Power") through December 31, 2029 at its 12000 Portland Avenue office property, located in Burnsville, Minnesota, a suburb of Minneapolis. This lease renewal continues Power's existing tenancy that began in 2016.
Power is a 100% employee-owned engineering and environmental consulting company. Power services the Power Delivery, Power Generation, Renewables & Storage, Food & Beverage, Government, Agribusiness, Campus Energy, Oil & Gas and Petrochemical industries.
Power executed a seven-year, nine-month lease extension for their current 12,663 square foot suite, with an option to extend for an additional five years beyond 2029. Gladstone Commercial provided the funds needed for Power to renovate, in accordance with their post-COVID configuration.
"It is with great pleasure that we renew this long-term tenant," said Todd McDonald, Associate for Gladstone Commercial. "The Class A improvements in a beautiful wooded setting allow us to continue to retain quality tenants, such as Power."
"Gladstone Commercial continues to deliver on our core attributes of engaging and retaining financially strong tenants, as demonstrated by renewing one of the top 5 national engineering firms in the U.S. Benefits of executing this amendment include increasing the weighted average term of our Midwest portfolio and it is also immediately accretive to FFO by increasing straight line rent for this tenant by 3.3%," said Karen Priesman, Senior Vice President and Head of Asset Management for the Midwest Region for Gladstone Commercial. "We also acknowledge our CBRE property management team, which works closely with the Gladstone Commercial team to ensure our tenants receive excellent service."
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 March 31, 2021, Gladstone Commercial's real estate portfolio consisted of 120 properties, located in 27 states, totaling approximately 15.5 million square feet. Additional information can be found at www.gladstonecommercial.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.
For further information: Gladstone Commercial Corporation, +1-703-287-5893
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SOURCE: Gladstone Commercial Corporation
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Released July 14, 2021