Gladstone Commercial Corporation Announces Twelve-Year Lease at Port of Catoosa, OK Industrial Facility

Rhea-AI Summary

Gladstone Commercial Corporation (Nasdaq:GOOD) has secured a 12.5-year lease for its 238,312-square-foot industrial facility at The Tulsa Port of Catoosa, leased to Lyseon North America, a subsidiary of Topia Co., LTD. This facility will support a long-term contract with IC Bus, a subsidiary of Navistar, which recently committed to a 20-year presence in Tulsa. The lease reflects Gladstone's ongoing strategy to strengthen its portfolio with reliable tenants. The company's portfolio includes 120 properties across 27 states, totaling approximately 15.5 million square feet.

Positive

• Secured a 12.5-year lease for a 238,312-square-foot industrial facility.
• Lyseon North America, a subsidiary of Topia Co., LTD, will occupy the facility, supporting a long-term contract with IC Bus.
• The transaction enhances Gladstone's relationship with global manufacturers.
• Expands portfolio to include reliable long-term tenants.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / July 7, 2021 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") announced it has entered into a 12.5 year lease for its entire 238,312 square foot, industrial facility, located at 1110 Tenkiller Road at The Tulsa Port of Catoosa, outside of Tulsa, Oklahoma. The property is leased to Lyseon North America, Inc., a wholly owned subsidiary of Topia Co., LTD.

Lyseon will use the industrial manufacturing plant in support of its contract with Navistar's subsidiary, IC Bus, which recently announced a 20-year commitment to Tulsa. The transaction continues the history of Topia's strong relationships with large global manufacturers.

"We are excited to have Lyseon in our portfolio. The real estate professionals at CBRE, Matt Klimisch and Alex Powell, who represented Gladstone Commercial on the deal, were instrumental to this success. I would also like to express my thanks to The Tulsa Port of Catoosa for their assistance on the deal. We could not have asked for better partners," said Perry Finney, Gladstone Commercial's Senior Vice President. Buzz Cooper, Gladstone Commercial's Executive Vice President, added, "We welcome Lyseon and Topia into our tenant roster and we appreciate the speed and efficiency in which they acted to execute the long-term deal."

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.

Investor or Media Inquiries:

Bob Cutlip
President - Gladstone Commercial Corporation
(703) 287-5878
Bob.Cutlip@gladstonecompanies.com

For Broker Submittals:

Buzz Cooper
Executive Vice President
(703) 287-5815
Buzz.Cooper@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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FAQ

What recent lease agreement did Gladstone Commercial Corporation (GOOD) announce?

Gladstone Commercial announced a 12.5-year lease for its 238,312-square-foot industrial facility at The Tulsa Port of Catoosa.

Who is leasing the industrial facility at The Tulsa Port of Catoosa?

The industrial facility is leased to Lyseon North America, Inc., a subsidiary of Topia Co., LTD.

What company does the lease support for contract work?

The lease supports Lyseon's contract work with IC Bus, a subsidiary of Navistar.

How many properties does Gladstone Commercial Corporation own?

As of March 31, 2021, Gladstone Commercial owns 120 properties across 27 states.

How large is Gladstone Commercial's real estate portfolio?

Gladstone Commercial's real estate portfolio totals approximately 15.5 million square feet.