Yahoo Finance Gladstone Commercial (GOOD) Announces New Lease With Lyseon
Gladstone Commercial Corporation GOOD is witnessing robust demand for its properties from existing as well as new tenants. The company recently clinched a 12.5-year lease for an industrial property, with Lyseon North America, Inc.
The 238,312-square-foot industrial facility is located at 1110 Tenkiller Road at The Tulsa Port of Catoosa, outside of Tulsa, OK. The lease will commence through Dec 31, 2033.
Lyseon, a wholly-owned subsidiary of Topia Co., LTD, will use the facility for manufacturing in support of the contract with Navistar's subsidiary IC bus, which recently announced a 20-year commitment to Tulsa.
Apart from this, Gladstone Commercial has clinched a six-year lease extension with Yanfeng US Automotive Interior Systems LLC at an industrial property in Monroe, MI, a suburb of Detroit. The move is likely to help the company secure steady cash flows from the property. It will receive more than $10 million in contractual rental revenues during the extension term.
Gladstone Commercial focuses on achieving growth on buyouts of high-quality industrial assets in the thriving markets with creditworthy tenants. As part of such measures, Gladstone Commercial has also acquired a 25,200-square-foot industrial service facility in Baytown for $8.125 million.
Moreover, Gladstone Commercial’s rent collections have been healthy. In its recent business update, the company noted that approximately 100% of the June cash base rents have been paid and collected. Also, as of Jun 30, 2021, portfolio occupancy is in excess of 95%.
Gladstone Commercial currently carries a Zacks Rank #3 (Hold). The stock has gained 25.1%, outperforming its industry’s rally of 23.3% in the past six months.
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