Gramercy Property Trust Announces Acquisition of Three Industrial Properties for $28.1 Million
By Business Wire News
By Business Wire News
Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of a portfolio of three single-tenant industrial properties totaling approximately 240,000 square feet for a purchase price of approximately $28.1 million (7.2% annualized straight-line cap rate).
The portfolio is 100% leased to a single tenant, a leading producer and fabricator of steel, with a weighted average lease term of approximately 8.5 years. The properties include (i) an approximately 110,000 square foot manufacturing facility located in Auburn, Washington (Seattle MSA); (ii) an approximately 70,000 square foot manufacturing facility located in San Bernardino, California (Inland Empire MSA); and (iii) an approximately 60,000 square foot manufacturing facility located in Fairfield, California (San Francisco MSA).
About Gramercy Property Trust
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. We focus on income producing properties leased to high quality tenants in major markets in the United States and Europe.
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.
Gramercy Property Trust Inc.
Emily Pai, 212-297-1000