Gramercy Completes Buyout And Dissolution Of JV With Duke Realty - Quick Facts

(RTTNews) - Gramercy Property Trust Inc. (GPT), a real estate investment trust, announced Tuesday the approval of the dissolution of its joint venture with Duke Realty Corp. (DRE).

As a result of the dissolution, eight properties were distributed to the joint venture partners on June 30. Seven of these properties were distributed to Gramercy Property Trust.

The seven assets are comprised of five industrial properties and two office properties located in Dallas, Chicago, Indianapolis, Columbus, Jacksonville, Tampa and Nashville aggregating 4.2 million square feet.

These assets are now wholly owned by Gramercy Property Trust. The joint venture retained a 1.0 million square foot industrial property located in Phoenix, which is under contract for sale and expected to close in the third quarter of 2016.

With the disposition of this property, the joint venture will be dissolved.