MRO Magazine

Gramercy Property Trust Announces Acquisition of Two Properties for $26.9 Million

By Business Wire News   



NEW YORK

Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of one industrial property and one office property totaling approximately 170,000 square feet. The properties are 100% leased with a weighted average lease term of approximately 10.6 years. For the two properties, Year 1 net operating income is anticipated to be approximately $1.9 million (7.2% initial cap rate; 8.2% annualized straight-line cap rate) with rent escalations throughout each lease term. The two properties were acquired in separate transactions all-cash for an aggregate purchase price of approximately $26.9 million.

The first property is an approximately 75,000 square foot manufacturing facility located in Oswego, Illinois (Chicago MSA), which is leased through May 2022 to a leading manufacturer of bonded and super abrasive grinding tools. The second property is an approximately 95,000 square foot post-production office building located in Burbank, California (Los Angeles MSA), which is leased through July 2026 to a global leader in end-to-end entertainment and media services for the entertainment industry.

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.

Forward-looking Information

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
Investor Relations

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