Gramercy Property Trust acquires $6.3M industrial facility in Chicago

theflyonthewall.com

Gramercy Property Trust exercised the accordion feature of its senior secured credit facility, increasing the revolving borrowing capacity to $150M. All other terms of the Credit Facility remained the same. In addition, the company closed the acquisition of an approximately 115,500 square foot industrial facility in Des Plaines, Illinois. The building is 100% leased through October 2025 to an automotive parts manufacturing company. Year 1 net operating income is approximately $479,000 with annual rent escalations throughout the lease term. The facility was acquired for approximately $6.3M, including the assumption of an approximately $2.7M first mortgage with a fixed rate of 5.25%.

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