HII News & Events

Gladstone Commercial Corporation (GOOD) announced the acquisition of a mission-critical 153,890 square foot industrial property in Newport News, Virginia for $22.75M. The acquired facility is 100% leased to a subsidiary of Huntington Ingalls Industries (HII) on a long-term net lease. The transaction was made possible through internally generated cash flow without additional equity issuances. Following the transaction, Gladstone Commercial has ample availability via cash on hand and its line of credit to continue pursuing high quality industrial assets.

HII was awarded a $220.65M cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity modification to a previously awarded contract to provide Navy aircraft carrier engineering maintenance assist team and surface engineering maintenance assist team in support of maintenance and planning for the overhaul and repair of equipment and systems associated with Navy aircraft carriers and west coast Navy surface ships. Work will be performed aboard Navy aircraft carriers within the continental U.S.; outside the continental U.S.; and forward deployed locations, and is expected to be completed by February 2027. No funds will be obligated at the time of award; funds will be obligated on individual orders as they are issued. Naval Sea Systems Command is the contracting activity.