McLEAN, VA—Gladstone Commercial Corp. recently announced it has executed two industrial lease renewals with tenants whose leases were set to expire next year. These two transactions followed a series of lease renewals and planned property sales over the past several months aimed at renewing 12 leases which had been set to expire in 2015 and three (now down to one) in 2016. It still has a few pending lease renewals and in one case, a vacant building to resolve. But for the most part, Gladstone Commercial Corp. is set until 2019 when another set of leases come up for renewal, according to the company's recent earnings report for the third quarter.

The two renewals it just announced are a 12-year full-building lease extension with Valspar Specialty Paints, for 125,692 square feet at a property in Menomonee Falls, WI, a Milwaukee suburb. The lease amendment extends the maturity to August 31, 2028 and adds Valspar, the corporate parent, as a guarantor.

Gladstone Commercial also signed an early renewal and 5-year extension with John Bean Technologies Corp. for another full-building lease at a 67,200 square foot industrial property in Chalfont, PA, a Philadelphia suburb. This lease amendment extends the term through February 28, 2021.

These two transactions bring total year-to-date 2015 leasing volume to over 740,000 square feet, Matt Tucker, managing director of Gladstone Commercial, said in a prepared statement.

"We expect our same store rents to be stable and growing in 2016, with only one remaining 2016 lease to address," he said.

As for leases expiring in 2015, the REIT has renewed just about all of them, according to its recent earnings statement and conference call.

Of the 12 leases expiring in 2015, it was able to extend eight of them. Of the four remaining properties Gladstone Commercial is:

Selling one to a subtenant in the fourth quarter.

In final negotiations with the existing subtenant to occupy 80% of the building when the primary tenant's lease term ends at the end December.

That leaves two of the original 12 properties, both of which are vacant, as unresolved.

Has secured a broker to market the third property, now vacant, which is located in Dayton, Ohio.

Has identified three full-building user prospects for the last building. However the REIT noted that this building is  located in eastern Massachusetts, where the current transaction velocity is slow.

The leases with Valspar Specialty Paints and John Bean Technologies nail down two of the three 2016 expiring leases. In this third and final lease, the  tenant occupies three separate buildings; Gladstone told earnings call listeners that it plans to sell two of these buildings to the tenant and extend its lease in the third.