Gladstone Commercial Corporation Executes Second Lease at Minneapolis Office Property
Gladstone Commercial (Nasdaq: GOOD) announced a five-year lease agreement with Pipeline Foods LLC for 8,032 square feet at its Fridley, Minnesota property. Construction of the space is set to commence immediately, with an expected occupancy in early November 2020. This lease follows recent property repositioning efforts and demonstrates strong leasing activity, highlighting Gladstone's effective asset management and marketing strategies. The company’s portfolio includes 122 properties across 28 states, totaling approximately 15.1 million square feet.
- Secured a five-year lease with Pipeline Foods for 8,032 square feet.
- Demonstrates effective asset management capabilities and strong leasing activity.
- Building improvements will enhance property value and tenant satisfaction.
- None.
MCLEAN, Va., Sept. 14, 2020 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone Commercial”) announced today that it has signed a lease with Pipeline Foods LLC (“Pipeline”) at 6499 University Avenue, Gladstone’s office property in Fridley, Minnesota, a suburb of Minneapolis. Construction of building improvements will begin immediately with occupancy expected in early November 2020. Pipeline creates sustainable supply chain solutions to connect farmers and end users of organic grains and ingredients. Pipeline signed a five-year lease for 8,032 square feet in the 72,428 square foot office building.
“We are happy to welcome Pipeline to our Fridley building” said Matt Tucker, Senior Managing Director and Northeast/Midwest Regional Head for Gladstone Commercial. “Adding a tenant with an active commodity trading floor is very exciting and a demonstration of the vibrancy created with the recent property repositioning. We have quickly signed two significant leases in the building, a testament to our asset management capabilities, a well executed repositioning of the building, aggressive marketing strategies and the terrific leasing and property management partners we have in place.”
“It is with great pleasure that we welcome a sustainability focused tenant to our roster” said Karen Priesman, Senior Asset Manager for Gladstone Commercial. “The market appreciates the quality, location and design of the building as well as the service of the property team evidenced by the strong leasing activity. We thank CBRE’s Tyler Kollodge for his efforts in bringing Pipeline to the building and Julie Kimble and Kate Damato of KimbleCo for representing Gladstone Commercial.”
About Gladstone Commercial (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 June 30, 2020, Gladstone Commercial’s real estate portfolio consisted of 122 properties located in 28 states, totaling approximately 15.1 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals:
| Southcentral: | Northeast/Midwest: |
| Buzz Cooper | Matt Tucker |
| Senior Managing Director | Senior Managing Director |
| (703) 287-5815 | (703) 287-5830 |
| Buzz.Cooper@gladstonecompanies.com | Matt.Tucker@gladstonecompanies.com |
| Southeast/Southwest: | |
| Brandon Flickinger | |
| Managing Director | |
| (703) 287-5819 | |
| Brandon.Flickinger@gladstonecompanies.com | |
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 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, 2019, as filed with the SEC on February 12, 2020 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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