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Gramercy Makes Big Industrial Play with $1.1B Buys
New York-based Gramercy Property Trust entered into an agreement to acquire a 41-property, 7.8 million square foot portfolio of modern warehouse industrial buildings for $479 million, located in six key logistics markets throughout the United States which include Atlanta, Chicago, Columbus, Dallas, Houston and Memphis.
The company is acquiring the 93%-leased portfolio free and clear of any debt at a 6.2% capitalization rate on estimated stabilized NOI.
Gramercy also launched a new joint venture focused on distribution centers leased to leading e-commerce tenants. The venture’s first acquisition is a $642-million portfolio comprised of seven newly constructed Class A bulk distribution properties totaling six million square feet. The properties are located in Dallas, Inland Empire, CA, Jacksonville, FL, the New England I-95 Corridor, Southern NJ and Winchester, VA.
Acquisition of the first four properties totaling $360 million is expected to occur during the fourth quarter of 2017. The second tranche of three properties totaling $282 million is expected to occur during the third quarter of 2018.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
