NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of an industrial property totaling approximately 585,200 square feet in Fridley, Minnesota (Minneapolis MSA). The property consists of an R&D, testing and prototype industrial facility that is currently undergoing renovation. The building is 100% leased to a global defense, security and aerospace company through October 2025, which has either directly or through its predecessor companies operated out of the facility for over 70 years. Upon completion of the renovation in November 2015, Year 1 net operating income is anticipated to be approximately $3.4 million (7.3% initial cap rate; 8.0% annualized straight-line cap rate) with yearly escalations in rent throughout the lease term. The property was acquired all-cash for a purchase price of $46.8 million.
Company Profile
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. The Company 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. The Company focuses 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.
