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Stock Market & Financial Investment News

News Breaks
June 10, 2014
09:33 EDTGPTCohen & Steers reports 12.50% passive stake in Gramercy Property Trust
News For GPT From The Last 14 Days
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February 18, 2015
08:33 EDTGPTGramercy Property Trust acquires five properties for $44.4M
Gramercy Property Trust announced that it closed on the acquisition of one office and four industrial properties totaling approximately 590,000 square feet. The properties are 100% leased with a weighted average lease term of approximately 6.7 years. For the five properties, Year 1 net operating income is anticipated to be approximately $3.4M with 7.6% initial cap rate, 8.0% annualized straight-line cap rate. The properties were acquired all-cash for a purchase price of approximately $44.4M. The company assumed one in-place mortgage loan totaling approximately $13M with a remaining term of approximately 2 years until maturity with respect to one of the properties. The first property is a cross-dock truck terminal located in Milford, Connecticut, leased to a national less-than-truckload carrier. The second property is an approximately 115,000 square foot Class A call center, office and operations facility located in Charlotte, North Carolina, which is leased to a provider of high-speed data, video and voice services. Lastly, the company acquired three single-tenant industrial properties totaling approximately 450,000 square feet located in the Milwaukee, Wisconsin.

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