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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
