Gramercy Property Trust Announces Acquisition Of $28.4M R&D Flex Facility In Malvern, PA

Gramercy Property Trust Inc.

, a real estate investment trust, announced today that it closed the acquisition of an approximately 191,000 square foot R&D flex facility located in Malvern, Pennsylvania (Philadelphia MSA). The building is 100% leased through March 2030 to a leading healthcare diagnostics company. Year 1 net operating income is approximately $2.1 million (7.5% initial cap rate; 8.7% annualized straight-line cap rate) with annual rent escalations throughout the lease term. The facility was acquired all-cash for a purchase price of approximately $28.4 million.