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Gramercy Launches E-Commerce JV

Separately, the net lease REIT said it would acquire nearly $500 million worth of warehouse properties in six key logistics markets.

By Paul Bubny | paulbubny | Updated on August 23, 2017

photo of Nicholas Pell The 41-property portfolio “adds a critical mass of core industrial properties in six key logistics markets at compelling returns,” says Gramercy’s Nicholas Pell.

NEW YORK CITY—Gramercy Property Trust (GPT) said late Tuesday that it had launched a new joint venture to acquire, own and manage newly constructed e-commerce distribution facilities across the US, with an initial purchase of $642 million on a forward basis. Separately, the REIT said it had agreed to buy a 41-property, 7.8-million-square-foot warehouse portfolio for $479 million.

Neither the seller or sellers of the portfolio nor any JV partners were identified. Regarding the JV, the company said it was in discussions with several institutional capital partners and had reached an agreement with a sovereign investor to anchor the venture.

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