Gladstone Commercial Corporation Executes Five Year Lease Extension at its Syracuse, NY property
MCLEAN, Va., April 01, 2019 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone Commercial”) announced today that it has executed a five year lease extension with Gaylord Bros., Inc., (“Gaylord”) at its 71,880 square foot facility in Syracuse, New York. The lease extension maintains the property’s 100% occupancy through May 31, 2025.
The one and two-story light manufacturing building was originally built in 2005, and remains in excellent condition. The building serves as the headquarters of Gaylord, which is a leading provider of preservation and exhibit products to institutions and individuals.
“We acquired this property in 2007,” stated Buzz Cooper, Senior Managing Director of Gladstone Commercial, “and the lease extension by Gaylord re-affirms their commitment to this location.”
“I am pleased with our team’s continued successful leasing efforts in 2019” remarked Bob Cutlip, President of Gladstone Commercial. “Extending this lease increases the weighted average lease term of the Gladstone Commercial portfolio and further stabilizes same store rental income.”
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 December 31, 2018, Gladstone Commercial’s real estate portfolio consisted of 101 properties located in 24 states, totaling approximately 11.7 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals:
|Buzz Cooper||Brandon Flickinger|
|Senior Managing Director||Managing Director|
|(703) 287-5815||(703) 287-5819|
|Senior Managing Director|
Investor or Media Inquiries:
|President – Gladstone Commercial Corporation|
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, 2018, as filed with the SEC on February 13, 2019 and certain other filings we make with the SEC. 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.
SOURCE: Gladstone Commercial Corporation
Released April 1, 2019