Gladstone Commercial Corporation Executes 5 Year Lease Renewal at Industrial Property in Monroe, Michigan
MCLEAN, VA / ACCESSWIRE / June 22, 2023 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") announced today that it has executed a 5-year lease extension with Yanfeng International Automotive Technology US LLC ("Yanfeng") through October 31, 2028 for the entirety of its 220,500 SF industrial property at 2200 Revard Road in Monroe, Michigan, a suburb of Detroit.
This lease renewal continues Yanfeng's existing tenancy that began in 2008. Yanfeng is a leading global automotive supplier, focusing on interior, exterior, seating, cockpit electronics, and passive safety with more than 240 locations and approximately 67,000 employees worldwide.
"We are pleased to extend Yanfeng's lease at this location. Through this extension, we continue to maintain strong portfolio occupancy with quality tenants," said Judy Carter, Senior Vice President, who leads asset management within the Midwest Region for Gladstone Commercial.
"Extending this lease with Yanfeng affirms our strategy of further expansion and investment in quality, mission critical industrial facilities," said Ryan Carter, Executive Vice President for the Midwest and Western Regions of Gladstone Commercial.
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. As of March 31, 2023, Gladstone Commercial's real estate portfolio consisted of 137 properties located in 27 states, totaling approximately 17.2 million square feet. For additional information, please visit www.gladstonecommercial.com.
For Midwest Acquisitions: For Midwest Asset Management Matters:
|Ryan Carter||Judy Carter|
|Executive Vice President||Senior Vice President|
|(571) 451-0019||(703) 462-1024|
For Broker Submittals: Investor or Media Inquiries:
|EJ Wislar||Buzz Cooper|
|Chief Investment Officer||President|
|(703) 462-1027||(703) 287-5815|
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, 2022, as filed with the SEC on February 22, 2023, 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, (703) 287-5893
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstonecompanies.com.
SOURCE: Gladstone Commercial Corporation
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Released June 22, 2023