Gramercy Property Trust Announces Acquisition of $28.4 Million R&D Flex Facility in Malvern, PA
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed the acquisition of an approximately 191,000 square foot R&D flex facility located in Malvern, Pennsylvania (Philadelphia MSA). The building is 100% leased through March 2030 to a leading healthcare diagnostics company. Year 1 net operating income is approximately $2.1 million (7.5% initial cap rate; 8.7% annualized straight-line cap rate) with annual rent escalations throughout the lease term. The facility was acquired all-cash for a purchase price of approximately $28.4 million.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
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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 and in the Company's Quarterly Reports on Form 10-Q. 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.