Gramercy Property acquires $46.8M property in Minneapolis Gramercy Property Trust announced that it closed on the acquisition of an industrial property totaling approximately 585,200 square feet in Fridley, Minnesota. The property consists of an R&D, testing and prototype industrial facility that is currently undergoing renovation. The building is 100% leased to a global defense, security and aerospace company through October 2025, which has either directly or through its predecessor companies operated out of the facility for over 70 years. Upon completion of the renovation in November 2015, Year 1 net operating income is anticipated to be approximately $3.4M with yearly escalations in rent throughout the lease term. The property was acquired all-cash for a purchase price of $46.8M.