MCLEAN, Va., June 10, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") reported that it has executed a lease amendment at its property located at 7450 Huntington Park Drive in Columbus, Ohio (the "Property') with the anchor-tenant, Quantum Health, Inc, pursuant to which Quantum will expand into the 9,484 square feet currently occupied by Flexicom, LLC and occupy 100% of the property beginning in December 2016. Quantum's expansion space is coterminous with the existing lease, which expires in December 2023.
On May 13, 2014 the Company acquired the 114,786 square foot office building, which serves as Quantum's headquarters, for $11.9 million. Quantum has grown from occupying 24% of the Property in 2007 to expanding into the entire Property.
"The lease expansion with Quantum is a validation of our investment thesis for the Property and a continuation of Gladstone's strategic plan to accumulate properties and build portfolios in strong secondary growth markets, such as Columbus," said Matt Tucker, Managing Director of the Company. "We have acquired and repositioned the Property as a single-tenant asset with a long term lease to a vibrant and growing enterprise in Quantum."
Gladstone Commercial's real estate portfolio consists of 100 properties located in 24 states, totaling approximately 11.0 million square feet.
For more information regarding Gladstone Commercial's activity in the Northeastern and Mid-Western U.S. please contact Matt Tucker at email@example.com.
Gladstone Commercial Corporation is a real estate investment trust (REIT) that invests in and owns net leased industrial, commercial and retail real property. Additional information can be found at www.gladstonecommercial.com.
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, 2014, as filed with the SEC on February 18, 2015. 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.
CONTACT: For further information: Gladstone Commercial Corporation +1-703-287-5893
Source:Gladstone Commercial Corporation