Gladstone Commercial Corporation Executes Lease Continuing 100% Occupancy in Indianapolis Portfolio
Gladstone Commercial Corporation (NASDAQ:GOOD) announced a new lease agreement with Cordova Food Distributors for its industrial property in Indianapolis. Cordova will occupy 8,680 square feet starting June 1, with a rental rate over 50% higher than the previous tenant. This transaction keeps the property at 100% occupancy, bolstering Gladstone's portfolio performance. It also enhances cash flow and extends the weighted average lease term for the Midwest portfolio. The lease was finalized in under 90 days, demonstrating effective market engagement.
- Executed a five-year lease with Cordova at a rental rate over 50% higher than the previous tenant.
- Property remains 100% leased, enhancing portfolio stability.
- Transaction increases cash flow, FFO, and AFFO for Gladstone Commercial.
- None.
MCLEAN, VA / ACCESSWIRE / May 3, 2021 / Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") announced today that it signed a lease with Cordova Food Distributors ("Cordova") at its 5710 W. 82nd Street industrial property located in the Park 100 development in Northwest Indianapolis. Cordova will occupy 8,680 square feet of the property beginning on June 1st, immediately following the expiration of the current tenant's lease.
Cordova sells South and Central American food to international supermarkets, independent Latino grocery stores and Latino restaurants. The business was started in 2015 and has achieved strong growth, requiring a larger facility from which to operate.
Cordova executed a five-year lease for 8,680 square feet, with a rental rate more than
"It is wonderful to welcome a home-grown Indianapolis success story to our portfolio," said Karen Priesman, Senior Vice President and Head of Asset Management for the Midwest Region for Gladstone Commercial. "This transaction highlights Gladstone Commercial's connection to our markets allowing us to lease space before it becomes vacant. The space was on the market for less than 90 days when lease terms were agreed upon. We thank Kevin Archer of Cushman & Wakefield for his efforts in bringing Cordova to the building, as well as Todd Vannatta and Michael Weishaar, also of Cushman & Wakefield, for representing Gladstone Commercial. Kudos are also due to the Property Management team from CBRE that keeps the property in a condition that attracts new tenants and provides top service to those already part of our tenant roster."
"Having purchased this property just a year ago and executing this lease with no downtime highlights the attributes of Gladstone Commercial's acquisition thesis of purchasing well-positioned, highly functional industrial buildings in our target growth markets. This transaction immediately increases cash flow, FFO, AFFO, and the weighted average term of our Midwest portfolio," said Bob Cutlip, President of Gladstone Commercial.
About Gladstone Commercial (NASDAQ:GOOD)
Gladstone Commercial Corporation is a real estate investment trust ("REIT") focused on acquiring, owning, and operating net leased industrial and office properties across the United States. As of December 31, 2020, Gladstone Commercial's real estate portfolio consisted of 121 properties located in 28 states, totaling approximately 15.4 million square feet. Additional information can be found at www.gladstonecompanies.com.
For Broker Submittals:
Southcentral: | Northeast/Midwest: |
Buzz Cooper | Todd McDonald |
Executive Vice President | Senior Analyst |
(703) 287-5815 | (703) 287-5895 |
Southeast: | |
EJ Wislar | |
Senior Vice President | |
(703) 462-1027 | |
Investor or Media Inquiries:
Bob Cutlip | |
President - Gladstone Commercial Corporation | |
(703) 287-5878 | |
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.
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 is the significance of the lease signed by Gladstone Commercial with Cordova Food Distributors?
When will Cordova Food Distributors occupy the property leased from Gladstone Commercial?
What impact will the new lease with Cordova have on Gladstone Commercial's financials?
How long is the lease duration for Cordova Food Distributors?
