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Gramercy Completes $537M Portfolio Transaction
New York-based Gramercy Property Trust completed the acquisition of four of the assets identified in the initial portfolio transaction for the E-Commerce Joint Venture with an undisclosed sovereign investor. The initial portfolio is comprised of six newly-constructed Class A bulk distribution properties totaling 5.2 million square feet, for a purchase price of $537 million.
The most recent pair of properties were acquired for $181 million and closed in early April. The first two properties were acquired earlier this year for $178 million, and the remaining two assets under contract total $179 million and are expected to close between late 2018 and early 2019. Each building will be 100% leased to an unnamed leading e-commerce company on an initial 15-year term and annual 1.75% to 2.00% rental escalations.
The buildings are located in Dallas, SoCal’s Inland Empire (2), Jacksonville, FL, Southern NJ and Winchester, VA.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
