“We enter 2017 with a high-quality portfolio,” says Gramercy's Nicholas Pell.
NEW YORK CITY—Gramercy Property Trust said Friday it had closed on its $521-million acquisition of a warehouse portfolio totaling 10.3 million square feet across nine states. The REIT did not disclose the identity of the seller; published reports say it was USAA Real Estate Co., which had marketed the portfolio through CBRE. The announcement of the acquisition comes one day short of a full year since GPT closed on its merger with Chambers Street Properties.
Included in the portfolio are 15 class A warehouses, 10 of which are single-tenant, along with two value-add assets in Fairfield, CA and Southaven, MS, a suburb of Memphis. By percentage of portfolio NOI, the Memphis market is the largest, followed by Atlanta, Cincinnati, Indianapolis, Charleston, Dallas, Sacramento, Jacksonville and the Bay Area.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
