Gladstone Commercial Executes 8-Year Lease Extension at Flex / R&D Property in Raleigh, NC
Gladstone Commercial (NASDAQ:GOOD) has announced an 8-year lease extension with Elster Solutions, for its 58,926 square foot flex / R&D building in Raleigh, North Carolina. Elster, owned by Honeywell International Inc., has been the tenant since Gladstone Commercial acquired the property in 2003. This marks the fourth extension with Elster, highlighting the tenant's long-term commitment to the space.
Elster, a market leader in metering and flow measurement systems for gas, was acquired by Honeywell in 2016. The lease extension demonstrates Gladstone Commercial's success in maintaining long-term relationships with quality tenants and validates their strategy of investing in mission-critical facilities.
Gladstone Commercial (NASDAQ:GOOD) ha annunciato un'estensione di 8 anni del contratto di locazione con Elster Solutions, per il suo edificio multifunzionale / R&D di 58.926 piedi quadrati a Raleigh, North Carolina. Elster, di proprietà di Honeywell International Inc., è stato inquilino da quando Gladstone Commercial ha acquisito la proprietà nel 2003. Questo segna la quarta estensione con Elster, evidenziando l'impegno a lungo termine dell'inquilino per lo spazio.
Elster, leader di mercato nei sistemi di misurazione e flusso per gas, è stata acquisita da Honeywell nel 2016. L'estensione del contratto di locazione dimostra il successo di Gladstone Commercial nel mantenere relazioni a lungo termine con inquilini di qualità e convalida la loro strategia di investire in strutture mission-critical.
Gladstone Commercial (NASDAQ:GOOD) ha anunciado una extensión de arrendamiento de 8 años con Elster Solutions, para su edificio flexible / I+D de 58,926 pies cuadrados en Raleigh, Carolina del Norte. Elster, propiedad de Honeywell International Inc., ha sido inquilino desde que Gladstone Commercial adquirió la propiedad en 2003. Esta es la cuarta extensión con Elster, destacando el compromiso a largo plazo del inquilino con el espacio.
Elster, líder del mercado en sistemas de medición y flujo para gas, fue adquirida por Honeywell en 2016. La extensión del arrendamiento demuestra el éxito de Gladstone Commercial en mantener relaciones a largo plazo con inquilinos de calidad y valida su estrategia de invertir en instalaciones de misión crítica.
Gladstone Commercial (NASDAQ:GOOD)는 노스캐롤라이나주 롤리에 위치한 58,926 평방피트 규모의 플렉스/R&D 건물에 대해 Elster Solutions와 8년 임대 연장을 발표했습니다. Elster는 Honeywell International Inc. 소속으로, Gladstone Commercial이 2003년에 이 부동산을 인수한 이래로 세입자로 있었습니다. 이는 Elster와의 네 번째 연장으로, 세입자의 장기적인 공간에 대한 헌신을 강조합니다.
Elster는 가스 측정 및 흐름 측정 시스템의 시장 리더로, 2016년 Honeywell에 인수되었습니다. 이번 임대 연장은 Gladstone Commercial이 질 높은 세입자와의 장기 관계 유지에서 성과를 거두었음을 보여주며, 미션 크리티컬 시설에 투자하는 전략을 검증합니다.
Gladstone Commercial (NASDAQ:GOOD) a annoncé une prolongation de bail de 8 ans avec Elster Solutions pour son bâtiment flexible / R&D de 58 926 pieds carrés à Raleigh, Caroline du Nord. Elster, propriété de Honeywell International Inc., est le locataire depuis que Gladstone Commercial a acquis la propriété en 2003. Cela marque la quatrième prolongation avec Elster, soulignant l'engagement à long terme du locataire pour cet espace.
Elster, leader du marché dans les systèmes de mesure et de flux pour le gaz, a été acquis par Honeywell en 2016. La prolongation de bail démontre le succès de Gladstone Commercial dans le maintien de relations à long terme avec des locataires de qualité et valide leur stratégie d'investir dans des installations critiques pour la mission.
Gladstone Commercial (NASDAQ:GOOD) hat eine 8-jährige Verlängerung des Mietvertrags mit Elster Solutions für das 58.926 Quadratfuß große Flex-/F&E-Gebäude in Raleigh, North Carolina bekannt gegeben. Elster, das im Besitz von Honeywell International Inc. ist, ist seit der Übernahme der Immobilie durch Gladstone Commercial im Jahr 2003 der Mieter. Dies markiert die vierte Verlängerung mit Elster und unterstreicht das langfristige Engagement des Mieters für den Raum.
Elster, Marktführer in der Mess- und Durchflussmesstechnik für Gas, wurde 2016 von Honeywell übernommen. Die Mietverlängerung zeigt den Erfolg von Gladstone Commercial bei der Pflege langfristiger Beziehungen zu hochwertigen Mietern und validiert ihre Strategie, in mission-critical Einrichtungen zu investieren.
- Secured 8-year lease extension, ensuring stable long-term occupancy
- Tenant is owned by Honeywell International Inc., a strong multinational conglomerate
- Property has been consistently occupied since its acquisition in 2003
- Fourth lease extension with the same tenant, indicating strong tenant satisfaction and retention
- None.
Insights
This lease extension is a positive development for Gladstone Commercial (NASDAQ:GOOD). The 8-year commitment from Elster, backed by Honeywell, provides stable, long-term cash flow and reduces near-term vacancy risk. The repeated extensions since 2003 indicate the property's strategic importance to the tenant, suggesting a high likelihood of future renewals. For investors, this translates to predictable income streams and potentially lower risk. However, it's worth noting that while beneficial, a single lease extension may not significantly impact the company's overall financial performance, given Gladstone's diverse portfolio. Investors should consider this news in the context of Gladstone's broader property management strategy and tenant retention efforts.
The 8-year extension in Raleigh's flex/R&D market is noteworthy. Raleigh is part of the Research Triangle, a growing tech and life sciences hub. This deal reflects the ongoing demand for specialized spaces in key markets. The tenant's long-term commitment suggests confidence in the local economy and their operations. For Gladstone, maintaining a
MCLEAN, VA / ACCESSWIRE / September 3, 2024 / Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") announced that it has executed an 8-year lease extension with Elster Solutions, LLC ("Elster") at its 58,926 square foot flex / R&D building in Raleigh, North Carolina. Elster is owned by Honeywell International Inc. ("Honeywell"), who is the guarantor on the lease. The property was purchased by Gladstone Commercial in 2003 and has been leased to Elster since that time.
Elster is a market leader and specialist for metering, regulation, flow measurement, and control equipment and systems focused on gas, and was acquired by Honeywell in 2016. Honeywell is a multinational conglomerate operating in several industries, including aerospace technologies, building automation, energy and sustainability solutions, and industrial automation.
"We are pleased to have executed another lease extension with Elster as our full building occupant," stated Greg Yayac, Senior Vice President of Gladstone Commercial. "This is the fourth extension we've done with them since our original purchase, demonstrating their commitment to the space."
"This latest extension as part of a more than twenty-year hold period further validates our approach of investing in mission critical facilities with quality tenancy," added Buzz Cooper, President of 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 June 30, 2024, Gladstone Commercial's real estate portfolio consisted of 136 properties located in 27 states, totaling approximately 16.8 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals: For Asset Management Matters:
Nick Lindsay | Greg Yayac |
Director | Senior Vice President / Director |
(703) 966-3864 | (703) 287-5912 |
Investor or Media Inquiries:
Buzz Cooper | Catherine Gerkis |
President | Director of Investor Relations/ESG |
(703) 287-5815 | (703) 287-5846 |
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, 2023, as filed with the SEC on February 21, 2024, 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 further information:
Gladstone Commercial Corporation, (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
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