Gladstone Commercial Corporation Announces Recent Leasing Success in the Twin Cities
20 May 2020 - 6:30AM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that Benedictine Health System (“BHS”)
has moved its headquarters into and its 10-year lease has commenced
at one of Gladstone Commercial’s properties, located at 6499
University Avenue, Fridley, Minnesota, a suburb of Minneapolis.
Construction of the tenant and building improvements were
completed ahead of schedule in less than 90 days and below budgeted
cost. Gladstone Commercial worked with Julie Kimble of Kimble Co.
to manage the buildout project, with Welsh Construction acting as
general contractor.
BHS is one of the largest Catholic senior care
organizations in the United States, with elder care communities
across the Midwest, spanning from adult day services and care at
home to memory care and assisted living. BHS now leases
35,757 square feet, or approximately half of the 72,428 square foot
office building. More than $1 million of improvements have
been made to the property, including upgrading the large atrium,
kitchen area and entertainment space which are open to all tenants
of the building.
Additionally, Gladstone Commercial announced
that it has renewed its lease with Bosch Service Solutions
(“Bosch”) at its office property at 12000 Portland in Burnsville,
MN, extending the lease through January 2023. Bosch occupies
approximately 5,600 square feet through this lease. No tenant
improvements were required for this renewal.
“We are proud to unveil the exciting
repositioning of 6499 University while adding a great tenant to the
Gladstone roster” said Matt Tucker, Senior Managing Director and
Northeast/Midwest Regional Head for Gladstone Commercial.
“New tenants in the building will find an unusually high
level of natural light, great access and top quality improvements.
Additionally, we are happy to announce the renewal of the
lease with Bosch at our Burnsville property. It is a good
reflection of our quality properties that our leasing activity has
continued through this environment.”
“It is remarkable that a property as terrific as
6499 University Avenue can be offered so close to the city – just
minutes to downtown with abundant parking and at a discount to
downtown rental rates. BHS was introduced to the opportunity
by Gerry Driessen of CBRE and immediately recognized the
unparalleled opportunity it represented for them. Our leasing team
from Kimble Co. introduced their project management team, who
brought the project in ahead of schedule and well under budget
working with Genesis Architecture and Welsh Construction,” said
Karen Priesman, Senior Asset Manager for Gladstone Commercial.
“We got the trifecta – a fabulous new partner in BHS, a
refreshed competitive property, and outstanding delivery of the
construction. Now our CBRE management team will work hard to
ensure BHS thrives in their new home. CBRE also manages our
Burnsville property. The renewal by Bosch reflects the great
service tenants receive at our properties.”
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, 2020, Gladstone Commercial’s real estate portfolio
consisted of 122 properties located in 28 states, totaling
approximately 15.1 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, 2019, as filed
with the SEC on February 12, 2020 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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