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Gladstone (GOOD) Inks Seven-Year Tenancy Extension in Illinois
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Gladstone Commercial Corporation (GOOD - Free Report) is not only witnessing robust demand for its properties from new tenants but existing ones as well. Recently, the company executed a long-term lease extension with Diamond Technical Services Inc. at its industrial property in Bolingbrook, IL.
Specifically, Diamond Technical has extended tenancy for 21,000 square feet of space for additional seven years at the 55,000-square-foot property. It is situated at 4 Territorial Court.
The lease enhanced Gladstone Commercial’s lease maturity profile and provides revenue visibility into 2029. In fact, the company has increased the weighted lease term at the building by more than 90% and straight line rent by more than 17%.
Per management, "The ability for Diamond to have office and lab space under one roof with their field equipment makes this property a perfect fit for them.”
Moreover, on Dec 1, 2020, the company announced a 21,000-square-foot lease for seven years with ViaQuest Inc. at its 79,000-square-foot office and laboratory property in Akron, OH, at 260 Springside Drive. The tenant also rents out 78,000 square feet of office space at the company’s property in Columbus, OH, through 2030.
There is a notable increase in the e-commerce business’s share of total retail sales and a likely rise in the inventory levels of companies as a precaution for any supply-chain disruption. These are long-term demand drivers for industrial real estate. This, in turn, will likely keep supporting industrial landlords like Gladstone Commercial, Prologis (PLD - Free Report) , Duke Realty Corp. and Terreno Realty Corporation (TRNO - Free Report) to enjoy a favorable market environment.
Nevertheless, oversupply remains concerning for the industrial real estate market. This is likely to affect rent growth and pricing power for Gladstone Commercial.
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Gladstone (GOOD) Inks Seven-Year Tenancy Extension in Illinois
Gladstone Commercial Corporation (GOOD - Free Report) is not only witnessing robust demand for its properties from new tenants but existing ones as well. Recently, the company executed a long-term lease extension with Diamond Technical Services Inc. at its industrial property in Bolingbrook, IL.
Specifically, Diamond Technical has extended tenancy for 21,000 square feet of space for additional seven years at the 55,000-square-foot property. It is situated at 4 Territorial Court.
The lease enhanced Gladstone Commercial’s lease maturity profile and provides revenue visibility into 2029. In fact, the company has increased the weighted lease term at the building by more than 90% and straight line rent by more than 17%.
Per management, "The ability for Diamond to have office and lab space under one roof with their field equipment makes this property a perfect fit for them.”
Moreover, on Dec 1, 2020, the company announced a 21,000-square-foot lease for seven years with ViaQuest Inc. at its 79,000-square-foot office and laboratory property in Akron, OH, at 260 Springside Drive. The tenant also rents out 78,000 square feet of office space at the company’s property in Columbus, OH, through 2030.
There is a notable increase in the e-commerce business’s share of total retail sales and a likely rise in the inventory levels of companies as a precaution for any supply-chain disruption. These are long-term demand drivers for industrial real estate. This, in turn, will likely keep supporting industrial landlords like Gladstone Commercial, Prologis (PLD - Free Report) , Duke Realty Corp. and Terreno Realty Corporation (TRNO - Free Report) to enjoy a favorable market environment.
Shares of this Zacks Rank #3 (Hold) have appreciated 3.2% compared with the industry’s growth of 2.5% over the past three months.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nevertheless, oversupply remains concerning for the industrial real estate market. This is likely to affect rent growth and pricing power for Gladstone Commercial.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
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