NEW YORK--(BUSINESS WIRE)--
Gramercy Property Trust Inc. (GPT), a real estate investment trust, announced today that it acquired, in separate transactions, two industrial properties totaling approximately 295,000 square feet for a total purchase price of approximately $18.7 million, net of approximately $285,000 of rent credit. Both properties are 100% leased with a weighted average lease term of approximately 13 years. Year 1 net operating income for the two properties totals approximately $1.4 million (7.3% initial cap rate; 8.4% annualized straight-line cap rate).
The first property is an approximately 112,000 square foot manufacturing facility located in Elgin, Illinois (Chicago MSA), which is leased through August 2028 with annual rent escalations to a global manufacturer of small, engineered metal components. The second property is an approximately 183,000 square foot industrial warehouse located in Harrisburg, Pennsylvania, which is leased through February 2025 with annual rent escalations to a subsidiary of a large multinational industrial company.
About Gramercy Property Trust
Gramercy Property Trust Inc. 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. The Company also operates an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets throughout the United States primarily leased to financial institutions and affiliated users.
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.
- Investment & Company Information
Emily Pai, 212-297-1000