MCLEAN, Va., July 19, 2017 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) (“Gladstone Commercial”) announced today that it has executed a 10-year lease extension with United Envelope, LLC (“United Envelope”) at its 223,275 square foot industrial property in Mt. Pocono, PA. The lease extension will maintain the property’s 100% occupancy with United Envelope through July 2031.
United Envelope is an 85 year old envelope printing and manufacturing company providing direct mail and transactional envelopes to some of the nation’s largest mailers.
“We acquired this property in 2004”, stated Brandon Flickinger, Managing Director of Gladstone Commercial Corporation, “and the lease extension by United Envelope confirms their commitment to this location in the I-81 northeast distribution corridor.”
“I am proud of our team’s continued successful leasing efforts in 2017,” remarked Bob Cutlip, President of Gladstone Commercial. “Extending the term on this property further increases the weighted average remaining lease term in the Gladstone portfolio and further stabilizes same store rental income.”
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 March 31, 2017, its real estate portfolio consisted of 95 properties located in 24 states, totaling approximately 10.9 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals:
| Midwest/Northeast: | Southeast: |
| Matt Tucker | Brandon Flickinger |
| Managing Director | Director |
| (703) 287-5830 | (703) 287-5819 |
| Matt.Tucker@gladstonecompanies.com | Brandon.Flickinger@gladstonecompanies.com |
| West: | South/Southwest: |
| Andrew White | Buzz Cooper |
| Managing Director | Senior Managing Director |
| (310) 953-4960 | (703) 287-5815 |
| Andrew.White@gladstonecompanies.com | Buzz.Cooper@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 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, 2016, as filed with the SEC on February 15, 2017. 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.