NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the sale and leaseback of an industrial property totaling 131,800 square feet in Pinellas Park, Florida (Tampa/St. Petersburg MSA). Constructed in 1997 and later expanded in 2005, the warehouse is 100% leased to a global importer and retailer of fine cigars and cigar accessories. Upon closing, the tenant signed a new 15-year lease for the entire facility expiring in September 2030 with 2.5% annual increases. Year 1 net operating income will be approximately $771,000 (6.9 % initial cap rate; 8.3% annualized straight-line cap rate). The property was acquired all-cash for a purchase price of $11.1 million.
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.