NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of a distribution facility totaling approximately 255,300 square feet located in Philadelphia, Pennsylvania. The facility, which serves as the tenant’s headquarters, is 100% leased through April 2026 to a regional distributor of packaging, paper, equipment and janitorial supplies. Year 1 net operating income is anticipated to be approximately $1.9 million (7.4% initial cap rate; 7.9% annualized straight-line cap rate) with yearly rent escalations throughout the lease term. The property was acquired for a purchase price of $26.1 million. In connection with the acquisition, the Company assumed a mortgage loan of approximately $12.8 million at an interest rate of 4.28% with remaining term of approximately 3.4 years until maturity.
Gramercy Property Trust Inc. 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 purchased through sale-leaseback transactions or directly from property developers and owners. 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.