Gladstone Commercial Corporation Executes $10 million Lease Renewal at Industrial Property in Monroe, Michigan

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[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / June 24, 2021 / Gladstone Commercial Corporation (NASDAQ:GOOD) (\"Gladstone Commercial\") announced today that it signed a lease renewal with Yanfeng US Automotive Interior Systems LLC (\"Yanfeng\") through August 31, 2029 at its 1833 Frenchtown Center Drive industrial property in Monroe, Michigan, a suburb of Detroit. This lease renewal continues Yanfeng's existing tenancy that began in 2008.Yanfeng is a global leader in automotive interiors with business segments including Cockpit Systems, Instrument Panels, Door Panels and Floor Consoles.Yanfeng executed a six-year lease extension for the entire 315,000 square foot property, providing contractual rental revenue of more than $10 million during the extension term. Yanfeng also has the right to request that the building be expanded to accommodate their growing demand.\"We are happy to not only renew this important tenant, but also do so well ahead of the renewal deadline\" said Todd McDonald, Senior Analyst for Gladstone Commercial. \"Our Detroit portfolio remains 100% leased with untarnished collections through the pandemic, a true testament to the strength of Gladstone's underwriting, property management and focus on servicing our tenants.\"\"Executing this lease delivers on Gladstone Commercial's core attributes of engaging and retaining financially strong tenants. This transaction increases the weighted average term of our Midwest portfolio and is immediately accretive to FFO,\" Karen Priesman, Senior Vice President and Head of Asset Management for the Midwest Region for Gladstone Commercial.About Gladstone Commercial (NASDAQ:GOOD)Gladstone Commercial Corporation is a real estate investment trust (\"REIT\") focused on acquiring, owning, and operating net leased industrial and office properties across the United States. As of March 31, 2021, Gladstone Commercial's real estate portfolio consisted of 120 properties, located in 27 states, totaling approximately 15.5 million square feet. Additional information can be found at www.gladstonecommercial.com.For Broker Submittals:Southcentral:Northeast/Midwest:Buzz CooperTodd McDonaldExecutive Vice PresidentSenior Analyst(703) 287-5815(703) [email protected]@gladstonecompanies.com Southeast:West:EJ WislarMac DobbinsSenior Vice PresidentSenior Associate(703) 462-1027(703) ...

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