NEW YORK--(BUSINESS WIRE)--
Gramercy Property Trust Inc. (GPT), a real estate investment trust, announced today that it has closed the acquisition of an approximately 120,350 square foot industrial facility in Austin, Texas. The building is 100% leased through October 2028 to a leading provider of linen management services to the U.S. healthcare industry. Year 1 net operating income is approximately $717,000 (7.56% initial cap rate, 8.25% GAAP cap rate) with fixed rent escalations throughout the lease term. The facility was acquired all-cash for a purchase price of approximately $9.5 million.
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.
- Mergers, Acquisitions & Takeovers
Jon W. Clark, 212-297-1000
Chief Financial Officer
Emily Pai, 212-297-1000