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Wednesday, Jun 5
Gramercy Property Trust (GPT) puts more money to work, closing on the purchase of a...
Gramercy Property Trust (GPT) puts more money to work, closing on the purchase of a build-to-suit of about a 120K square foot industrial facility in southern Florida and a 62,230 square foot industrial property in Bellmawr, NJ. Construction costs for the FL property are expected to be $25M and generate GAAP operating income of about $2.3M next year. The NJ property cost about $4.2M. The company also sheds more noncore assets, selling a mortgage loan defeasance pool acquired as part of the BofA portfolio last year. (PR)