Gladstone Commercial Corporation executes 61,166 square foot lease on Minneapolis industrial property :: Gladstone Commercial Corporation (GOOD)

MCLEAN, VA / ACCESSWIRE / April 29, 2021 / Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone Commercial”) announced today that it has signed a lease with Mid-State Metal Works (“Mid-State”) on its industrial property 3785 Pheasant Ridge Drive NE in Blaine, Minnesota, a suburb of Minneapolis. Construction of the building improvements will begin immediately, with occupancy expected in June 2021.

Mid-State Metal Works is a full-service metal fabrication and machining shop that utilizes an exceptionally flexible and adaptable manufacturing process, allowing them to produce high-quality, bespoke work for small to medium series that other fabrication and machine shops tend to use it. avoid or overpriced.

Mid-State signed a seven-year lease for 61,166 square feet, generating projected rental income of more than $ 2.6 million. The 92,000 square foot property is now 66% leased.

“We are pleased to welcome Mid-State Metal Works to our Blaine property,” said Karen Priesman, senior vice president and chief asset management officer for the Midwest region for Gladstone Commercial. “It was a pleasure working with the entire Mid-State team to execute a lease within weeks, the next lease starting only six weeks later. The market clearly appreciates the quality and location of the building, as well as the service provided by CBRE’s property management team. We thank Tim Carlson of CRESA for his efforts in bringing Mid-State to the building and Ericka Miller and Kate Damato of KimbleCo for representing Gladstone Commercial. “

“The execution of this lease meets Gladstone Commercial’s core attributes of signing long-term leases with financially strong tenants. This transaction increases the weighted average duration 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 the acquisition, possession and operation of net leased industrial and office properties in 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.

For broker quotes:

South central:
Buzz cooper
Executive Vice President
(703) 287-5815
[email protected]

Northeast / Midwest:
Todd mcdonald
Senior analyst
(703) 287-5895
[email protected]

Southeast / Southwest:
EJ Wislar
Senior vice president
(703) 462-1027
[email protected]

Investor or media inquiries:
Bob cutlip
President – Gladstone Commercial Corporation
(703) 287-5878
[email protected]

All statements in this press release, other than historical fact, 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”, “projects”, “believes”, “seeks”, “esteem” and variations of these words and similar expressions are intended to identify statements prospective. Readers should not rely on forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties which could cause the business, financial condition, liquidity, results of operations, funds generated from operations or prospects differ materially from these. expressed or implied in such statements. These risks and uncertainties are disclosed under the heading “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 others. deposits that we make with the second. Gladstone Commercial cautions readers not to place undue reliance on such forward-looking statements, which speak only as of the date of their publication. The company assumes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

For any investor relations questions regarding any of the Gladstone Monthly Dividend Funds, please visit www.gladstonecompanies.com.

SOURCE: Gladstone Commercial Corporation

See the source version on accesswire.com:
https://www.accesswire.com/643430/Gladstone-Commercial-Corporation-Executes-61166-SF-Lease-at-Minneapolis-Industrial-Property


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