NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of four industrial properties totaling approximately 560,000 square feet. The properties are 100% leased with a weighted average lease term of approximately 9.1 years. For the four properties, Year 1 net operating income is anticipated to be approximately $2.6 million (7.2% initial cap rate; 7.8% annualized straight-line cap rate) with annual rent escalations throughout each lease term. The properties were acquired in separate transactions all-cash for a purchase price of approximately $35.5 million.
The first property is an approximately 109,000 square foot manufacturing facility located in Puyallup, Washington (Seattle MSA), which is leased through February 2024 to a leading producer of high-performance materials and construction products. The second property is an approximately 240,000 square foot warehouse facility located in Groveport, Ohio (Columbus MSA), which is leased through March 2018 to a national distributor of major appliances and electronics. The third property is an approximately 117,000 square foot light industrial building located in Lewisville, Texas (Dallas MSA), which is leased to two tenants with an 11-year weighted average lease term. The fourth property is a sale leaseback of a 94,000 square foot headquarters and warehouse facility located in Rolling Meadows, Illinois (Chicago MSA), which is leased through December 2026 to a leading regional disaster recovery and restoration firm.
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.
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.
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, in the Company's Quarterly Reports on Form 10-Q and in the Company's Current Reports on Form 8-K. 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.