The two-million-square-foot portfolio is 100% leased with a weighted average remaining lease term of 10.4 years. The properties are located across eight markets including Atlanta, Boston, Charlotte, Chicago, the Inland Empire, Minneapolis, Reno, NV and Spartanburg, SC. Over 80% of the NOI for the portfolio is concentrated in four of those markets, namely Atlanta, Boston, Chicago and the Inland Empire.

In an SEC filing, the REIT said 4.5 million OP units would be issued at $29.56 per share, based on 30-day volume weighted average pricing. The OP unit transaction, which brings a new shareholder into the GPT fold, “highlights the creativity and flexibility of our investment platform, two hallmarks of how we secure attractive industrial investments in a competitive market environment,” says Pell.

NEW YORK CITY—A week after announcing an e-commerce facility joint venture and a $479-million portfolio acquisition, Gramercy Property Trust (GPT) revealed a third large-scale transaction. The net lease REIT said Wednesday it had entered an agreement with a leading private real estate development and investment company to acquire a nine-property portfolio of class A industrial properties for $331 million, at a 6.3% cap rate.

In connection with the acquisition, GPT Operating Partnership LP will issue $133 million in OP units at closing. GPT will also assume $137 million of debt.

When announcing its $479-million deal for a 41-property, 7.8-million-square-foot warehouse portfolio last week, GPT said it had an additional $386 million of acquisitions awarded or under contract. The $331-million deal disclosed this week is part of that total.

“The portfolio consists of several key logistics facilities within some of the top industrial markets in the US, with the majority of the facilities serving as critical pieces in the distribution footprint for a market leading logistics and delivery company,” says Nicholas Pell, GPT's CIO. Nearly 90% of the portfolio's rent comes from that logistics and delivery tenant.

The two-million-square-foot portfolio is 100% leased with a weighted average remaining lease term of 10.4 years. The properties are located across eight markets including Atlanta, Boston, Charlotte, Chicago, the Inland Empire, Minneapolis, Reno, NV and Spartanburg, SC. Over 80% of the NOI for the portfolio is concentrated in four of those markets, namely Atlanta, Boston, Chicago and the Inland Empire.

In an SEC filing, the REIT said 4.5 million OP units would be issued at $29.56 per share, based on 30-day volume weighted average pricing. The OP unit transaction, which brings a new shareholder into the GPT fold, “highlights the creativity and flexibility of our investment platform, two hallmarks of how we secure attractive industrial investments in a competitive market environment,” says Pell.