Gramercy (GPT) Acquires Property in Florida, Leases Back
Gramercy Property Trust Inc. GPT completed the acquisition and leaseback of a 131,800-square foot industrial property, situated at Pinellas Park in Tampa, FL. The property, acquired in an all-cash deal of $11.1 million, is expected to be accretive to Gramercy going forward.
Notably, built in 1997, the property was, subsequently, expanded in 2005. Per the deal, the property is now fully leased to a global importer and retailer of fine cigars and cigar accessories. A new 15-year lease agreement, scheduled to expire in Sep 2030, has been inked with the tenant.
In mid-September, Gramercy sold a Life Time Fitness facility based in Summerlin, Nevada, for around $51 million. The sale of this fitness center came as part of the company’s strategy to lower its tenant exposure to Life Time. At the time of sale, the center was fully net leased to Life Time through 2035.
Gramercy Property specializes in acquisition and management of single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. Presently, the company is focused on attaining lucrative tenants in key markets across the U.S. and Europe.
Gramercy currently has a Zacks Rank #3 (Hold). Investors interested in the REIT industry may consider stocks like CoreSite Realty Corp. COR, Iron Mountain Inc. IRM and Ashford Hospitality Prime, Inc. AHP. While both CoreSite Realty and Iron Mountain Incorporated sport a Zacks Rank #1 (Strong Buy), Ashford Hospitality holds a Zacks Rank #2 (Buy).
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