Gladstone Commercial Corporation Announces Ten Year Lease Renewal at San Antonio Office Building
Gladstone Commercial Corporation (Nasdaq: GOOD) announced a ten-year lease renewal for its 60,245 square foot office building in San Antonio, Texas, leased to PIMA Medical Institute. This renewal, effective immediately, results in a 23% increase in straight-line rent, showcasing the strength of the real estate market in the area. Gladstone's portfolio consists of 120 properties across 27 states, totaling 15.5 million square feet, emphasizing its solid position in the real estate investment sector.
- Lease renewal for 10 years enhances revenue stability.
- 23% increase in straight-line rent reflects market strength.
- None.
MCLEAN, VA / ACCESSWIRE / July 26, 2021 / Gladstone Commercial Corporation (Nasdaq: GOOD) ("Gladstone Commercial") announced it has entered into a ten year lease renewal for its entire 60,245 square foot, single story flex office building, located at 6550 First Park Ten in San Antonio, Texas. The property is leased to PIMA Medical Institute, which operates a medical trade school at the building and has been at the location since 2018.
"We are very happy to be able to continue our relationship with PIMA. They run a first-class operation and have been wonderful to work with. PIMA is a perfect example of the high quality of our tenant roster," said Buzz Cooper, Gladstone Commercial's Chief Investment Officer. "The transaction results in a 23 percent increase in our straight-line rent and demonstrates the strength of the markets we operate in," said Perry Finney, Senior Vice President of Asset Management for 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, 2021, Gladstone Commercial's real estate portfolio consisted of 120 properties located in 27 states, totaling approximately 15.5 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals: | For Asset Management Matters: | ||
| Investor or Media Inquiries: Bob Cutlip | |||
| President - Gladstone Commercial Corporation | |||
| (703) 287-5878 | |||
| Bob.Cutlip@gladstonecompanies.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, 2020, as filed with the SEC on February 16, 2021, 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 except as required by law.
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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