NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it closed on the sale of three single-tenant office buildings in San Diego, California, Lake Mary, Florida and Las Colinas, Texas for aggregate gross proceeds of $106.3 million. The weighted average remaining lease term for the three sold properties was 7.5 years at closing and the blended exit cap rate was 7.3% on next twelve months NOI as of September 30, 2016.
With these dispositions, the Company has sold over $1.5 billion of single and multi-tenant assets in the United States and Europe in 2016. These property sales are a part of the Company’s previously announced plan to dispose of select non-core assets following the merger with Chambers Street Properties. The weighted average exit cap rate for these dispositions is 6.9% and reflects the Company’s pro rata share of joint venture assets acquired and sold. Currently, the Company has approximately $120.0 million of assets in the market for sale.
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 888-686-0112.
