Gramercy Capital Corp. Announces Acquisition of a $24.65 Million Distribution Facility in the Memphis MSA
NEW YORK--(BUSINESS WIRE)-- Gramercy Capital Corp. (NYSE: GKK) announced today that it closed on the acquisition of an approximately 600,000 square foot class A industrial building located in Olive Branch, Mississippi, in an all-cash transaction for a purchase price of approximately $24.65 million. The building is 100% leased to a single tenant through December 31, 2022 and includes an adjacent 13.8 acre land parcel with capacity for an additional 250,000 square foot building.
Gramercy Capital Corp. is a self-managed, integrated commercial real estate investment and asset management company. The Company owns, directly or in joint venture, a portfolio of 116 office and industrial buildings totaling approximately 4.9 million square feet, net leased on a long-term basis to tenants, including Bank of America, Nestlé Waters, Philips Electronics and others. The Company's property management business, operating under the name Gramercy Asset Management, currently manages approximately $1.7 billion of commercial properties leased primarily to regulated financial institutions and affiliated users throughout the United States. The Gramercy Finance division manages approximately $1.7 billion of whole loans, bridge loans, subordinate interests in whole loans, mezzanine loans, preferred equity and commercial mortgage-backed securities which are financed through three non-recourse Collateralized Debt Obligations, or CDOs. On January 30, 2013, the Company entered into a purchase and sale agreement to transfer the collateral management and sub-special servicing agreements for its three CDOs to CWCapital Investments LLC for approximately $9.9 million, less certain adjustments and closing costs. Subject to customary closing conditions, the transfer is expected to close in March 2013. Neither Gramercy Finance nor Gramercy Asset Management is a separate legal entity but are divisions through which our commercial real estate finance and property management businesses are conducted. The Company is headquartered in New York City and has regional offices in Jenkintown, Pennsylvania and St. Louis, Missouri.
To review the Company's latest news releases and other corporate documents, please visit the Company's website at www.gkk.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 implementation of the new business strategy, the integration of the new management team, the results of the operational review and those 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.
Gramercy Capital Corp.
Jon W. Clark, 212-297-1000
Chief Financial Officer
Emily Pai, 212-297-1000
KEYWORDS: United States North America Mississippi New York Tennessee
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