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May 5, 2014
08:32 EDTGPTGramercy Property Trust acquires two industrial properties for $18.7M
Gramercy Property Trust announced that it acquired, in separate transactions, two industrial properties totaling approximately 295,000 square feet for a total purchase price of approximately $18.7M, net of approximately $285,000 of rent credit. Both properties are 100% leased with a weighted average lease term of approximately 13 years. Year 1 net operating income for the two properties totals approximately $1.4M. The first property is an approximately 112,000 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 approximately 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.
News For GPT From The Last 14 Days
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May 13, 2015
08:30 EDTGPTGramercy Property Trust says Moody's assigns company investment grade rating
Gramercy Property Trust announced that Moody’s Investors Service has assigned the company’s operating partnership, GPT Property Trust LP, a Baa3 issuer rating with a stable outlook. Benjamin P. Harris, Gramercy’s President, stated, “Receiving an investment grade credit rating from Moody’s represents another significant milestone in Gramercy’s evolution as a best-in-class net-lease REIT. We believe the rating affirms the quality of the portfolio we have assembled over the last three years and will afford the Company additional financial flexibility as we continue to grow our business.”

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