MCLEAN, Va., Sept. 26, 2016 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) (“Gladstone Commercial”) announced today that it has executed a new lease totaling 20,719 square feet on previously vacant space at its 55,480 square foot industrial property located in Bolingbrook, Illinois. The new lease expires in early 2024 and brings the property’s occupancy to 100% with no lease rollover until April 2022.
The tenant operates and franchises businesses engaged in cleaning carpets, upholstery, and ventilation air ducts and in providing water mitigation and restoration services for businesses throughout the United States. Brandon Flickinger (Director, Real Estate, of Gladstone Commercial) commented, “We have leased 34,535 sf over the past four months at this property, reflecting strong transaction velocity in this Chicago submarket.”
"I am proud of our team's successful leasing efforts in 2016," remarked Bob Cutlip, President of Gladstone Commercial. "Fully leasing this building will increase our same store revenue while reducing our property operating expenses which will positively impact our returns."
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. Gladstone Commercial’s real estate portfolio consists of 97 properties located in 24 states, totaling approximately 11.0 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals:
|Buzz Cooper||Brandon Flickinger|
|Senior Managing Director||Director, Real Estate|
|(703) 287-5815||(703) 287-5819|
|Andrew White||Matt Tucker|
|Managing Director||Managing Director|
|(310) 953-4960||(703) 287-5830|
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, 2015, as filed with the SEC on February 17, 2016. 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