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Gramercy Property Trust acquires properties in Florida and New Jersey for $30M

Gramercy Property Trust has closed on the acquisition of a build-to-suit of an approximately 120,0000 square foot industrial facility located in Hialeah, Gardens, Florida in the Miami Metropolitan Statistical Area. The newly constructed cold storage facility will be 100% leased to a leading public refrigerated warehousing company for an initial term of 25 years which will commence upon completion of construction, expected to occur in Q2 2014. Total construction costs will be approximately $25.0M, and the acquisition is expected to generate GAAP net operating income of approximately $2.3M per year, when the lease commences. The company also recently closed on the acquisition of an approximately 62,230 square foot industrial property located in Bellmawr, New Jersey, in an all-cash transaction for a purchase price of approximately $4.2M. The building is 100% leased to a single tenant through October 31, 2022.