Search
 

Gramercy Closes on $521M Logistics Deal

NEW YORK CITY—With this multi-state acquisition, Gramercy Property Trust's portfolio is now 70% industrial, says CIO Nicholas Pell.

By Paul Bubny | Updated on December 19, 2016
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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.