Gramercy Property Trust announces three office dispositions totaling $106.3M
Gramercy Property Trust announced that it closed on the sale of three single-tenant office buildings in San Diego, California, Lake Mary, Florida and Las Colinas, Texas for aggregate gross proceeds of $106.3M. The weighted average remaining lease term for the three sold properties was 7.5 years at closing and the blended exit cap rate was 7.3% on next twelve months NOI as of September 30. With these dispositions, the Company has sold over $1.5B of single and multi-tenant assets in the United States and Europe in 2016. These property sales are a part of the Company's previously announced plan to dispose of select non-core assets following the merger with Chambers Street Properties. The weighted average exit cap rate for these dispositions is 6.9% and reflects the Company's pro rata share of joint venture assets acquired and sold. Currently, the Company has approximately $120M of assets in the market for sale.