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”) at 5710 W. 82 Street Industrial Property is located on the Park 100 development in northwest Indianapolis. Cordova will take up an area of 8,680 square meters on 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 vacant tenant, with no need for improvements by 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 add an Indianapolis indigenous track record to our portfolio,” said Karen Priesman, senior vice president and director 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 their efforts in Cordova and Todd Vannatta and Michael Weishaar, also from Cushman & Wakefield, for representing Gladstone Commercial and kudos to CBRE’s property management team for keeping the property in a state lasts, attracts new tenants and offers top service for those who are already part of our tenant list. “
“Having purchased this property a year ago and executing this lease with no downtime, it highlights the attributes of Gladstone Commercial’s acquisition thesis to purchase well-positioned, highly functional industrial buildings in our target growth markets. This transaction instantly increases cash flow, FFO, AFFO and weighted average Our portfolio matures in the Midwest, “said Bob Cutlip, president of Gladstone Commercial.
About Gladstone Commercial (NASDAQ: GOOD)
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. For more information, see 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.
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SOURCE: Gladstone Commercial Corporation
Released May 3, 2021