Gramercy Property Trust Acquires Industrial Properties in Miami FL and Philadelphia, PA for Approximately $30 Million and Announces the Sale of the Defeasance Collateral Pool
NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust Inc. (NYSE: GPT) announced today that it 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 the second quarter of 2014. The state-of-the-art, temperature-controlled warehouse will feature 20,000 pallet positions, eight inch concrete tilt-walls with 60 foot clear heights. Total construction costs will be approximately $25.0 million, and the acquisition is expected to generate GAAP net operating income of approximately $2.3 million per year, when the lease commences.
In addition, the Company 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 $4.2 million. The building is 100% leased to a single tenant through October 31, 2022.
Lastly, the Company's Bank of America joint venture with Garrison Investment Group recently sold a mortgage loan defeasance pool of securities that was acquired by the joint venture in December 2012 when it purchased the Bank of America portfolio.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a self-managed, integrated commercial real estate investment and asset management company. The Company owns, directly or in joint ventures, 106 buildings totaling approximately 4.0 million square feet of office and 1.8 million square feet of industrial, 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 for third-parties, approximately $1.9 billion of commercial properties leased primarily to regulated financial institutions and affiliated users throughout the United States. 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.gptreit.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 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 Property Trust Inc.
Jon W. Clark, 212-297-1000
Chief Financial Officer
Emily Pai, 212-297-1000
KEYWORDS: United States North America Florida New York Pennsylvania
The article Gramercy Property Trust Acquires Industrial Properties in Miami FL and Philadelphia, PA for Approximately $30 Million and Announces the Sale of the Defeasance Collateral Pool originally appeared on Fool.com.
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