MCLEAN, VA / ACCESSWIRE / May 3, 2021 / Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone Commercial”) announced today that it has signed a lease with Cordova Food Distributors (“Cordova”) in its industrial area of 5710 W. 82nd Street on the Park 100 project in northwest Indianapolis Has. Cordova will take up an area of 8,680 square meters of the property from June 1, immediately after the current tenant’s lease expires.
Cordova sells South and Central American groceries to international supermarkets, independent Latino grocery stores, and Latino restaurants. The business started in 2015 and has seen strong growth that requires a larger facility to operate.
Cordova has signed a five-year contract for 8,680 square meters, with the rental price being more than 50% higher than that of the vacated tenant, with no need for any improvements on the part of the tenant. The 64,800 square foot lot remains 100% leased, as does the entire 568,000 square foot Gladstone Commercial Indianapolis portfolio without a single day of downtime.
“It is wonderful to have an Indianapolis indigenous track record in our portfolio,” said Karen Priesman, senior vice president and head of asset management, Midwest, Gladstone Commercial. ‘This transaction underscores Gladstone Commercial’s connection to our markets, allowing us to rent space before it becomes vacant. The space had been on the market for less than 90 days when rental terms were agreed. We thank Kevin Archer of Cushman & Wakefield for his efforts to get Cordova into the building and Todd Vannatta and Michael Weishaar, also of Cushman & Wakefield, for representing Gladstone Commercial. Kudos also go to the property management team at CBRE for keeping the property in a condition that will attract new tenants and provide first class service to those who are already on our tenant list. ‘
‘Having purchased this property a year ago and executing this lease with no downtime, it highlights the features of Gladstone Commercial’s acquisition thesis to purchase well-positioned, highly functional industrial buildings in our target growth markets. This transaction instantly increases the cash flow, FFO, AFFO and weighted average maturity of our Midwest portfolio, ”said Bob Cutlip, president of Gladstone Commercial.
About Gladstone Commercial (NASDAQ: GUT)
Gladstone Commercial Corporation is a real estate investment trust (REIT) focused on the acquisition, ownership and operation of net-leased industrial and office real estate in the United States. As of December 31, 2020, Gladstone Commercial’s real estate portfolio comprised 121 properties in 28 states, totaling approximately 15.4 million square feet. More information is available at www.gladstonecompanies.com.
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All statements 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 “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate” and variations of these words and similar expressions are intended to identify forward-looking statements. Readers should not place undue reliance on forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could affect the business, financial condition, liquidity, results of operations, funds from operations, or prospects of Gladstone Commercial differ materially from those expressed or implied in such statements. Such risks and uncertainties are described under the heading “Risk Factors” of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 16, 2021 and certain other filings by us specified with the SEC. Gladstone Commercial cautions readers not to place undue reliance on such forward-looking statements, which speak only as of the date of this publication. The company assumes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or for any other reason.
For investor relations information in relation to any of Gladstone’s monthly dividend paying funds, please visit www.gladstonecompanies.com.
SOURCE: Gladstone Commercial Corporation
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