MCLEAN, Va., — Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone Commercial”) announced today that it completed the expansion, early renewal and extension of its anchor lease with Community Health Network, Inc.’s for-profit subsidiary, Visionary Enterprises Inc. (“CHN”) at Heritage Park II, Gladstone’s office property in Indianapolis, Indiana. As of November 1, CHN will lease approximately 90% of the 100% occupied office building through April 2031. CHN is Central Indiana’s leader in providing convenient access to exceptional healthcare services, where and when patients need them—in hospitals, health pavilions and doctor’s offices, as well as workplaces, schools and homes.
“Since our acquisition of Heritage Park II in 2015, CHN has expanded three times, and will now occupy more than 76,000 square feet of the five-story, 86,495 square foot, multi-tenant office building,” said Matt Tucker, Senior Managing Director and Northeast/Midwest Regional Head for Gladstone Commercial. “This expansion and extension validates our anchored multi-tenant business plan for this high quality office asset.”
“We are pleased that CHN chose again to renew and expand their footprint at our property,” said Karen Priesman, Senior Asset Manager for Gladstone Commercial. “This expansion and extension increase both our cash and straight-line rent as well as contributing to greater weighted average lease term at the property and in our portfolio overall.”
About Gladstone Commercial (NASDAQ: GOOD)
Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of March 31, 2019, its real estate portfolio consisted of 102 properties located in 24 states, totaling approximately 11.7 million square feet. For additional information, please visit www.gladstonecommercial.com.
For Broker Submittals: Southcentral: Northeast/Midwest: Buzz Cooper Matt Tucker Senior Managing Director Senior Managing Director (703) 287-5815 (703) 287-5830 Buzz.Cooper@gladstonecompanies.com Matt.Tucker@gladstonecompanies.com Southeast/Southwest: Brandon Flickinger Managing Director (703) 287-5819 Brandon.Flickinger@gladstonecompanies.com Investor or Media Inquiries: Bob Cutlip President – Gladstone Commercial Corporation (703) 287-5878 Bob.Cutlip@gladstonecompanies.com
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