photo of Nicholas Pell “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.

According to a presentation on what GPT dubs the North American Logistics Portfolio, nearly 50% of the NOI comes from investment-grade tenants. They include GE, Siemens, Cummins, TJX, Clorox and Whirlpool.

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