Gramercy Property Trust Announces Acquisition of Five Properties for $44.4 Million
Gramercy Property Trust Inc. (NYSE:GPT) , a real estate investment trust, announced today that it closed on the acquisition of one office and four industrial properties totaling approximately 590,000 square feet. The properties are 100% leased with a weighted average lease term of approximately 6.7 years. For the five properties, Year 1 net operating income is anticipated to be approximately $3.4 million (7.6% initial cap rate; 8.0% annualized straight-line cap rate). The properties were acquired all-cash for a purchase price of approximately $44.4 million. The Company assumed one in-place mortgage loan totaling approximately $13.0 million with a remaining term of approximately 2 years until maturity with respect to one of the properties.
The first property is a cross-dock truck terminal located in Milford, Connecticut (New Haven MSA), leased to a leading national less-than-truckload (LTL) carrier. The second property is an approximately 115,000 square foot Class A call center, office and operations facility located in Charlotte, North Carolina, which is leased to a leading provider of high-speed data, video and voice services. Lastly, the Company acquired a portfolio of three single-tenant industrial properties totaling approximately 450,000 square feet located in the Milwaukee, Wisconsin MSA.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
To review the Company’s latest news releases and other corporate documents, please visit the Company’s website at www.gptreit.com or contact Investor Relations at 212-297-1000.
This press release contains forward-looking information based upon the Company’s current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company’s control, including the factors listed in the Company’s Annual Report on Form 10-K, in the Company’s Quarterly Reports on Form 10-Q and in the Company’s Current Reports on Form 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company’s filings with the SEC.
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