MCLEAN, Va., Nov. 13, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial" or the "Company"), a real estate investment trust focused on acquiring, owning and operating net leased office and industrial properties, announced today that it has executed two industrial lease renewals for leases that were originally set to expire in 2016.
Gladstone Commercial executed an early renewal and 12-year lease extension with Valspar Specialty Paints, LLC, which will be guaranteed by The Valspar Corporation ("Valspar"), for all 125,692 square feet at the Company's industrial property located in a large industrial park in Menomonee Falls, WI, a Milwaukee suburb. The lease amendment extends the maturity to August 31, 2028 and adds Valspar, the corporate parent, as a guarantor. Valspar, an S&P BBB rated company, develops, manufactures and distributes a range of coatings, paints and related products worldwide.
Gladstone Commercial also signed an early renewal and 5-year extension with John Bean Technologies Corporation ("JBT") for all 67,200 square feet at the Company's industrial property located in a business park in Chalfont, PA, a Philadelphia suburb. This lease amendment extends the term through February 28, 2021. JBT designs, manufactures, tests, and services products and systems for the food processing and air transportation industries.
"We are excited that Valspar and JBT have chosen to extend their leases at our properties to continue their growth. Both properties are critical to each tenant's operations and are well located in large business parks in strong secondary markets. By securing these long-term lease renewals, we are maintaining 100% occupancy at these properties through 2028 and 2021, respectively," remarked Matt Tucker, Managing Director of Gladstone Commercial. "Today's announcement brings total year-to-date 2015 leasing volume to over 740,000 square feet. We expect our same store rents to be stable and growing in 2016, with only one remaining 2016 lease to address."
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. Gladstone Commercial's real estate portfolio consists of 101 properties located in 24 states, totaling approximately 11.1 million square feet. For additional information please visit www.gladstonecommercial.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 Company'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, 2014, as filed with the SEC on February 18, 2015 and the Company's Form 10-Q for the quarter ended June 30, 2015, as filed with the SEC on August 3, 2015. The Company 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.gladstone.com.