Gramercy Property Trust Announces $20 Million in Acquisitions
NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust Inc. (NYSE: GPT) , a real estate investment trust, announced today that it has closed on five new acquisitions for a total purchase price of approximately $20.8 million. The properties were acquired in separate all-cash transactions.
The acquired properties included two industrial acquisitions - a 133,000 square foot bulk warehouse located in Atlanta, Georgia in the I-20 West submarket, that is 100% leased through April 2023 to a leading pulp and paper company and a two-property industrial portfolio totaling 83,000 square feet located in Manassas, Virginia, that is 100% leased through December 2024 to a subsidiary of a leading document storage company. The total purchase price for the industrial properties was approximately $12.9 million equating to a 7.8% cap rate on GAAP NOI.
Gramercy also closed on three bank branch acquisitions 100% leased to large financial institutions. The properties include a 42,000 square foot office and retail bank branch located in Morristown, New Jersey leased to two financial institutions with leases running through September 2024 (71% of the facility) and October 2018 (29% of the facility) and branches located in Myrtle Beach, North Carolina, that is 100% leased through December 2018, and Allentown, Pennsylvania, that is 100% leased through February 2019. The total purchase price for the three bank properties was approximately $7.1 million, equating to a 7.9% cap rate on GAAP NOI. All three branch properties were previously part of portfolios managed by Gramercy.
Gordon F. DuGan, Chief Executive Officer, commented, "Our acquisitions team continues to find high quality, one-off industrial acquisitions with attractive tenancy, term and yield in our target markets. We have also been able to repeatedly draw upon our competitive advantage in owning and managing financial institution real estate to source high-quality bank branch assets at attractive yields. These acquisitions represent additional building blocks in the construction of a market-leading net lease portfolio."
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing office and industrial properties net leased to high quality tenants in major markets throughout the United States. The Company also operates an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets throughout the United States primarily leased to financial institutions and affiliated users.
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 New York
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