NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed the acquisition of three auto salvage sites totaling approximately 30 acres in Medley, Florida (Miami MSA). The properties are 100% leased through July 2022 to a subsidiary of a large publicly-traded global provider of replacement auto and truck parts. Year 1 net operating income is approximately $1.3 million (7.4% initial cap rate and annualized straight-line cap rate) with rent escalations every 60 months based upon the increase in CPI, subject to a maximum increase. The facility was acquired all-cash for a purchase price of approximately $17.3 million ($580,000 per acre).
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.