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Gramercy Scores Threepeat with $331M Buy

The agreement to acquire a two-million-square-foot industrial portfolio comes a week after the net lease REIT announced two other big-ticket purchases.

By Paul Bubny | paulbubny | Updated on August 30, 2017

photo of Nicholas Pell “The portfolio consists of several key logistics facilities within some of the top industrial markets in the US,” says Gramercy’s Nicholas 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.

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