NEW YORK--(BUSINESS WIRE)--
Gramercy Property Trust Inc. (GPT), a real estate investment trust, announced today that it acquired, in separate transactions, three properties totaling approximately 423,000 square feet for an aggregate purchase price of approximately $39.6 million. Year 1 net operating income for the three properties totals approximately $2.8 million (7.1% initial cap rate; 7.8% annualized straight-line cap rate) and a weighted average lease term of approximately 11.5 years.
The first property is an approximately 309,000 square foot packaging and distribution facility located in Elk Grove Village, Illinois (Chicago MSA), which is 100% leased with annual rent escalations through December 2023 to one of the nation’s largest independent bakery and contract food manufacturers. The second property is an approximately 89,000 square foot operations center located in Nashville, Tennessee, which is 100% leased with rent escalations through June 2029 to a global leader in services to the food, facilities management and career apparel industries. The third property is an approximately 25,000 square foot office and retail bank branch located in St. Louis, Missouri, leased to two tenants with a weighted average lease term of five years.
About Gramercy Property Trust
Gramercy Property Trust is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. We also operate an asset management business that manages commercial real estate assets for third parties.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC.
- Real Estate
Emily Pai, 212-297-1000