Gramercy Property Trust Announces $112.8M of Acquisitions

Gramercy Property Trust

, a real estate investment trust, announced today that it closed two separate transactions of four single tenant industrial properties in the Baltimore MSA, Southern I-81 Corridor and the Miami MSA for $112.8 million. The first transaction was a three-building portfolio in Baltimore (2) and Hagerstown (1) Maryland, aggregating 1.1 million square feet and leased to three separate tenants. The buildings range in size from 293,000 to 506,000 square feet and serve as key distribution centers for each of the three tenants, all of whom have occupied their respective facilities since original construction. The second transaction was a facility totaling 290,500 square feet, located in Deerfield Beach, Florida (Broward County) and leased to a national media company. Aggregate year 1 net operating income of the properties will be approximately $8.3 million (7.4% initial cap rate; 7.8% annualized straight-line cap rate) with a weighted average remaining lease term of approximately 6 years.