SANTA CLARA, CA—Gramercy Property Trust Inc., a real estate investment trust, has closed the acquisition of an approximately 8.3-acre car rental retail and maintenance location in Santa Clara. The property acquired represents the fee simple interest in an improved land parcel 100% leased through March 2021 with two five-year renewal options to the largest car rental service provider in the United States.
Year 1 net operating income is approximately $1.3 million (estimated 6.7% initial cap rate) with annual rent escalations by the lessor of 2% or three times the percentage change in CPI. The property was acquired all-cash for a purchase price of $20.0 million ($2.4 million per acre).
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The company also operates a commercial real estate asset and property management business for third parties.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
