Gramercy Property Trust acquired fourteen industrial properties
Gramercy Property Trust announced that it recently closed ten separate transactions to acquire fourteen single tenant industrial properties in the Los Angeles MSA, Atlanta MSA, San Francisco Bay Area, Raleigh/Durham MSA, Savannah MSA, Las Vegas MSA, and New York/New Jersey. The properties were acquired all-cash for an aggregate purchase price of approximately $246.5M. Totaling 2.5M square feet, the buildings are comprised of bulk warehouses, e-commerce fulfillment centers, in-fill light manufacturing facilities, in-fill cold storage facilities and a cross-dock truck terminal. Aggregate year 1 net operating income of the properties will be approximately $16.6M with a weighted average remaining lease term at closing of 11.8 years.