Gramercy Property Trust Buys Two Industrial Properties For $18.7 Mln

(RTTNews) - Gramercy Property Trust Inc. (GPT) said Monday that it acquired two industrial properties totaling about 295,000 square feet for a total purchase price of about $18.7 million, net of about $285,000 of rent credit.

Both properties are 100% leased with a weighted average lease term of abot 13 years.

The first property is an about112,000 square foot manufacturing facility located in Elgin, Illinois, which is leased through August 2028 with annual rent escalations to a global manufacturer of small, engineered metal components. The second property is an about 183,000 square foot industrial warehouse located in Harrisburg, Pennsylvania, which is leased through February 2025 with annual rent escalations to a subsidiary of a large multinational industrial company.