Gladstone Commercial Corporation Executes 10-Year Lease at Pennsylvania Cold Storage Property

Rhea-AI Summary

Gladstone Commercial Corporation (Nasdaq: GOOD) announced a new 10-year lease at its refrigerated industrial property in Reading, Pennsylvania, encompassing 42,900 square feet. The lease, effective immediately with the previous lease's end, ensures 100% occupancy without downtime. The tenant, Country Fresh, specializes in fresh-cut fruits and vegetables. By securing this long-term lease, Gladstone aims to enhance its portfolio's weighted average lease term, reflecting strong demand for specialized industrial spaces.

Positive

• Secured a 10-year lease with Country Fresh, ensuring 100% occupancy.
• The lease increases the weighted average lease term of the portfolio.
• Reflects strong demand for specialized industrial property.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / November 16, 2021 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") announced today that it has executed a 10-year lease at its refrigerated industrial property located in Reading, Pennsylvania. The lease is for the full building, or 42,900 square feet, and was concurrent with the end of the building's prior lease, ensuring continued 100% occupancy at the facility with no downtime.

The tenant is Country Fresh, a leading provider of fresh-cut fruits, vegetables and fresh snacking products. The tenant sells through its Country Fresh, Sun Rich and Grab Apples brands. The building will be used for its operations, including cutting fruits and vegetables and packaging its products.

"Our ability to execute this long-term lease with no downtime reflects the quality of our assets and the demand for this type of specialized space," stated EJ Wislar, Senior Vice President of Gladstone Commercial. "Completing this transaction maintains full occupancy at the building and increases the weighted average lease term of our portfolio."

"We are pleased to have a new absolute net, long-term lease in place," added Greg Yayac, Senior Asset Manager. "This is an in-demand product type and we look forward to having Country Fresh as a tenant for a long time."

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 September 30, 2021, Gladstone Commercial's real estate portfolio consisted of 127 properties located in 27 states, totaling approximately 15.7 million square feet. For additional information please visit www.gladstonecommercial.com.

For Broker Submittals:

EJ Wislar
Senior Vice President
(703) 462-1027
EJ.Wislar@gladstonecompanies.com

Greg Yayac
Senior Asset Manager
(703) 287-5912
Gregory.Yayac@gladstonecompanies.com

Investor or Media Inquiries:

Bob Cutlip
President - Gladstone Commercial Corp.
(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 Gladstone Commercial'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. Gladstone Commercial 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 further information: Gladstone Commercial Corporation, +1-703-287-5893

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstonecompanies.com.

SOURCE: Gladstone Commercial Corporation

View source version on accesswire.com:
https://www.accesswire.com/673106/Gladstone-Commercial-Corporation-Executes-10-Year-Lease-at-Pennsylvania-Cold-Storage-Property

FAQ

What recent lease agreement did Gladstone Commercial Corporation announce?

Gladstone Commercial Corporation announced a 10-year lease at its refrigerated industrial property in Reading, Pennsylvania.

Who is the tenant of the new lease executed by Gladstone?

The tenant is Country Fresh, a provider of fresh-cut fruits and vegetables.

What is the significance of the new lease for Gladstone Commercial?

The lease ensures 100% occupancy and increases the weighted average lease term of their portfolio.

What type of property did Gladstone Commercial lease out?

Gladstone Commercial leased a refrigerated industrial property.

Why is the new lease important for investors in GOOD?

It reflects strong demand for the property type and maintains consistent revenue from the tenant.