Gordon duGan, CEO, Gramercy Property Trust, has much to crow about after overseeing 10 industrial transactions.
NEW YORK CITY—Gramercy Property Trust has closed ten separate transactions to acquire fourteen single tenant industrial properties nationwide. The assets are in the Los Angeles MSA, Atlanta MSA, San Francisco Bay Area, Raleigh/Durham MSA, Savannah MSA, Las Vegas MSA, and the New York/New Jersey area. The properties were acquired all-cash for an aggregate purchase price of approximately $247 million.
Totaling 2.5 million square feet, the buildings are comprised of bulk warehouses, e-commerce fulfillment centers, in-fill light manufacturing facilities, in-fill cold storage facilities and a cross-dock truck terminal. One of the transactions is a build-to-suit located in the Charleston MSA totaling $31.2 million.
Aggregate year 1 net operating income of the properties will be approximately $16.6 million (6.7% initial cash cap rate; 7.5% annualized straight-line cap rate) with a weighted average remaining lease term at closing of 11.8 years.
Year to date, Gramercy—a REIT—has closed 28 separate acquisition transactions totaling $809.3 million at a 7.0% initial cash cap rate and a weighted average remaining lease term at closing of 12.3 years.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
