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Gladstone Commercial (GOOD) Announces New Lease in Pennsylvania
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Gladstone Commercial Corporation (GOOD - Free Report) is witnessing robust demand for its properties from the existing and new tenants. GOOD clinched a 10-year lease with Country Fresh for its refrigerated industrial property in Pennsylvania.
Country Fresh is a provider of fresh-cut fruits, vegetables and fresh snacking products. It sells through its brands like Country Fresh, Sun Rich and Grab Apples.
The lease executed for the 42,900-square-feet full building provides continued full occupancy at the facility with no downtime. The property will be used for a variety of operations. In addition to cutting fruits and vegetables, it will be used for packaging of products.
Earlier this month, Gladstone Commercial announced a 10-year lease extension with Gaylord for its New York-based industrial property. The 10-year lease extension with Gaylord Bros., Inc. through May 31, 2035, will help the REIT secure a steady cash flow from the property for a decent period.
The industrial asset class has been in the limelight for a while now, showing resilience despite the pandemic with low vacancy rates, high asking rents and robust rent collections. This upside has supported the financials of Gladstone Commercial along with other industrial REIT names like Prologis (PLD - Free Report) , Duke Realty Corp. and Terreno Realty Corporation (TRNO - Free Report) since last year.
Apart from the fast adoption of e-commerce, the industrial real-estate space is anticipated to gain traction over the long run from a likely rise in the inventory levels of companies as a precaution for any supply-chain disruption. This positivity is expected to keep backing the landlords like Gladstone Commercial, Prologis, Duke Realty and Terreno Realty to create a favorable market environment.
Gladstone Commercial’s rent collections also continue to be strong. In its business update released earlier this month, GOOD noted that 100% of the October cash base rents were already paid and collected.
Shares of Gladstone Commercial have gained 26.7% compared with the industry’s rally of 23.4% year to date.
Image: Bigstock
Gladstone Commercial (GOOD) Announces New Lease in Pennsylvania
Gladstone Commercial Corporation (GOOD - Free Report) is witnessing robust demand for its properties from the existing and new tenants. GOOD clinched a 10-year lease with Country Fresh for its refrigerated industrial property in Pennsylvania.
Country Fresh is a provider of fresh-cut fruits, vegetables and fresh snacking products. It sells through its brands like Country Fresh, Sun Rich and Grab Apples.
The lease executed for the 42,900-square-feet full building provides continued full occupancy at the facility with no downtime. The property will be used for a variety of operations. In addition to cutting fruits and vegetables, it will be used for packaging of products.
Earlier this month, Gladstone Commercial announced a 10-year lease extension with Gaylord for its New York-based industrial property. The 10-year lease extension with Gaylord Bros., Inc. through May 31, 2035, will help the REIT secure a steady cash flow from the property for a decent period.
The industrial asset class has been in the limelight for a while now, showing resilience despite the pandemic with low vacancy rates, high asking rents and robust rent collections. This upside has supported the financials of Gladstone Commercial along with other industrial REIT names like Prologis (PLD - Free Report) , Duke Realty Corp. and Terreno Realty Corporation (TRNO - Free Report) since last year.
Apart from the fast adoption of e-commerce, the industrial real-estate space is anticipated to gain traction over the long run from a likely rise in the inventory levels of companies as a precaution for any supply-chain disruption. This positivity is expected to keep backing the landlords like Gladstone Commercial, Prologis, Duke Realty and Terreno Realty to create a favorable market environment.
Gladstone Commercial’s rent collections also continue to be strong. In its business update released earlier this month, GOOD noted that 100% of the October cash base rents were already paid and collected.
Shares of Gladstone Commercial have gained 26.7% compared with the industry’s rally of 23.4% year to date.
Image Source: Zacks Investment Research
Currently, Gladstone Commercial carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.