Gladstone Commercial Corporation Executes $4 Million Lease at Minneapolis Office Property
January 15 2020 - 4:30PM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it has signed a lease with
Benedictine Heath System (“BHS”) at 6499 University Avenue,
Gladstone’s office property in Fridley, Minnesota, a suburb of
Minneapolis. Construction of building improvements will begin
immediately and include significant common area upgrades in
addition to tenant improvements for the tenant. BHS is one of the
largest Catholic senior care organizations in the United States.
Benedictine owns and manages skilled nursing, assisted living and
independent living communities across the upper Midwest and offers
services in such areas as therapy, rehabilitation, memory care,
home health care, adult day and transitional care. BHS signed a
ten-year lease for 35,757 square feet, or approximately half of the
72,428 square foot office building.
“We are excited to bring BHS to our Fridley building,” said Matt
Tucker, Senior Managing Director and Northeast/Midwest Regional
Head for Gladstone Commercial. “This is the first step in
repositioning this high quality office property as a multi-tenant
building. We are encouraged that we were able to lease half of the
building before the expiration of the prior tenant’s lease.”
“It has been a pleasure working with the BHS staff and our great
team of consultants including KimbleCo and Genesis architecture
while continually supported by our great CBRE property management
team,” said Karen Priesman, Senior Asset Manager for Gladstone
Commercial. “This lease eliminates significant 2020 rollover risk,
bringing a high credit tenant into our tenant base contributing to
greater weighted average lease term in our portfolio. We thank
CBRE’s Vice President Jerry Driessen for his efforts in bringing
BHS to the building and Julie Kimble for representing the
Landlord.”
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 September 30,
2019, Gladstone Commercial’s real estate portfolio consisted of 109
properties located in 24 states, totaling approximately 13.1
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, 2018, as filed
with the SEC on February 13, 2019 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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