NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of a portfolio of two adjacent single-tenant industrial properties totaling approximately 235,000 square feet on 23.8 acres located in Orlando, Florida. The properties are 100% leased with a weighted average lease term of approximately 5.5 years. For the two properties, Year 1 net operating income is anticipated to be approximately $1.4 million (8.7% initial cap rate; 9.3% annualized straight-line cap rate) with rent escalations throughout each lease term. The two properties were acquired all-cash for an aggregate purchase price of approximately $15.9 million.
The first property is an approximately 93,000 square foot flex warehouse facility, which is leased through July 2020 to a provider of mission critical products, services and solutions to the defense industry. The second property is an approximately 142,000 square foot warehouse facility, which is leased through May 2021 to a leading cruise line services company.
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.
