Gladstone Commercial Achieves 98.5% Portfolio Occupancy

Gladstone Commercial Corporation GOOD disclosed the signing of three new leases that has helped the company achieve portfolio occupancy to 98.5%. The move reflects solid demand for space at the company's industrial and office properties.

These three leases totaled 67,085 square feet of space. The first lease is for 40,606 square feet at the company's 347,448 square feet distribution center in Maple Heights, OH. The second new lease includes an area of 13,816 square feet at the company's 55,480 square feet industrial property in Bolingbrook, IL.

Companies are opting for supply chain consolidation amid a larger customer base. This is driving greater demand for logistics infrastructure and efficient distribution networks, propelling demand for distribution facilities.

Finally, the third lease is of 12,663 square feet at the company's 114,813 square-feet office property in Burnsville, MN. The three new leases executed on previously vacant spaces are expected to push up the company's same-store revenue.

Notably, Gladstone Commercial is a McLean, VA- based real estate investment trust (REIT) that is engaged in acquisition, ownership and operation of net-leased industrial and office properties across the U.S. The company has portfolio of 99 properties in 24 states, aggregating a total of around 11.1 million square feet of space.
 

Gladstone Commercial presently has a Zacks Rank #3 (Hold).

Investors interested in the REIT industry may consider stocks like DCT Industrial Trust Inc. DCT, Douglas Emmett Inc. DEI and PS Business Parks Inc. PSB. Each of these stocks holds a Zacks Rank #2 (Buy).

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