MILWAUKEE—Gladstone Commercial Corp. has just executed an early renewal and 12-year lease extension with Valspar Specialty Paints, LLC, for all 125,692 square feet at the company's industrial property located in a large industrial park in Menomonee Falls, WI, a Milwaukee suburb. The submarket has tightened up considerably, which means staying put is frequently the best option, especially for companies like Valspar, which considers the building at N92 W14701 Anthony Ave. a mission-critical facility.

"We bought the building in 2006 in a sale-leaseback deal," Matt Tucker, managing director of McLean, VA-based Gladstone, tells GlobeSt.com. The deal left the occupier responsible for all maintenance, repairs and upkeep. The lease would not have expired until next year, but Gladstone wanted to settle the property's long-term future.

Each of the parties got something it wanted. The net lease arrangment remains, but the landlord also agreed to put up some money for building improvements. And the tenant agreed to add The Valspar Corp., its corporate parent, as a guarantor. Valspar, an S&P BBB rated company, develops, manufactures and distributes a range of coatings, paints and related products worldwide.