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 buildings totaling 222,100 square feet in Norcross, Georgia. One of the warehouses spans 142,100 square feet and is leased to a leading producer, servicer and supplier of diesel and gasoline engines. The second warehouse, consisting of 80,000 square feet, is leased to the country’s largest distributor of tools, equipment and machinery to the stone fabrication industry. The combined year 1 net operating income of the two properties will be approximately $861,100 (6.9% initial cap rate; 7.5% annualized straight-line cap rate). The properties were acquired all-cash for a purchase price of $12.5 million and have a weighted average remaining lease term of 8.9 years.
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.