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Gramercy Property Trust acquires industrial facility for $9.5M

Gramercy Property Trust announced 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 $717K with fixed rent escalations throughout the lease term. The facility was acquired all-cash for a purchase price of approximately $9.5M.