05.12.2014 14:34:52

Gramercy Property Trust Closes Acquisition Of Four Industrial Properties

(RTTNews) - Gramercy Property Trust Inc. (GPT), a real estate investment trust, said it closed on the acquisition of four industrial properties totaling nearly 560 thousand square feet. The properties are 100% leased with a weighted average lease term of around 9.1 years. For the four properties, Year 1 net operating income is anticipated to be approximately $2.6 million with annual rent escalations throughout each lease term. The properties were purchased in separate transactions all-cash for a purchase price of about $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.

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