NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it recently closed ten separate transactions to acquire fourteen single tenant industrial properties in the Los Angeles MSA, Atlanta MSA, San Francisco Bay Area, Raleigh/Durham MSA, Savannah MSA, Las Vegas MSA, and New York/New Jersey. The properties were acquired all-cash for an aggregate purchase price of approximately $246.5 million. Totaling 2.5 million square feet, the buildings are comprised of bulk warehouses, e-commerce fulfillment centers, in-fill light manufacturing facilities, in-fill cold storage facilities and a cross-dock truck terminal. One of the transactions is a build-to-suit located in the Charleston MSA totaling $31.2 million.
Aggregate year 1 net operating income of the properties will be approximately $16.6 million (6.7% initial cash cap rate; 7.5% annualized straight-line cap rate) with a weighted average remaining lease term at closing of 11.8 years.
Year to date, the company has closed 28 separate acquisition transactions totaling $809.3 million at a 7.0% initial cash cap rate and a weighted average remaining lease term at closing of 12.3 years.
About Gramercy Property Trust
Gramercy Property Trust 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. 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.