NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of two industrial properties totaling approximately 676,000 square feet. The properties are 100% leased with a weighted average lease term of approximately 11.6 years. For the two properties, Year 1 net operating income is anticipated to be approximately $2.5 million (6.6% initial cap rate; 7.1% 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 $37.7 million.
The first property is an approximately 211,000 square foot headquarters and manufacturing facility located in St. Louis, Missouri, which is leased through September 2029 to a multi-national plastics packaging company. The second property is an approximately 465,000 square foot warehouse and distribution facility located in Cinnaminson, New Jersey (Philadelphia MSA), which is leased through April 2025 to a leading, global manufacturer and distributer of pulp and paper products.
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.
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.
