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November 25, 2013
08:35 EDTGPTGramercy Property Trust announces $86M in acquisitions
Gramercy Property Trust announced that it has closed on six new properties in four separate transactions totaling approximately 1M square feet, for a total purchase price of approximately $86M. For the combined acquisitions, Year 1 net operating income is approximately $6.4M with fixed rent escalations throughout the respective lease terms and a weighted average lease term of 11.6 years. In addition, Gramercy assumed a $22.5M mortgage at a fixed rate of 4.0% with 6.1 years remaining secured by one of the new acquisition properties. Gramercy also closed a ten-year $12.6M senior mortgage financing on its previously acquired 220K square foot cold storage and distribution facility located in Yuma, Arizona. The loan has a fixed interest rate of 5.15%.
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