Gramercy tells GlobeSt.com that they "decline to comment at this time;" however an anonymous industry source, not involved in the deal, confirms that "the auction is happening," and it is really more of a "cleaning-up process" that the company intended to do all along. Carlton Group did not respond to GlobeSt.com queries by deadline.
The properties consist of 68 bank branches and six pieces of land. According to the anonymous industry source, the value of the properties range anywhere from $100,000 to $2 million each. As a result of the acquisition of AFR, Gramercy added approximately 29.2 million sf of commercial real estate in 38 states and the District of Columbia to its $4.2 billion of debt investments, commercial real estate securities investments, net lease properties and other assets.
GlobeSt.com will update the story as information becomes available.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
