Gramercy Property Trust Acquires Cross-Dock Truck Terminals in Long Island, NY and Baltimore, MD for Approximately $9.8 Million
NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust Inc. (NYSE: GPT) announced today that it has closed on the acquisition of two cross-dock truck terminals for a total purchase price of $9.8 million. The terminals were acquired in separate all-cash transactions.
The first terminal has 54 dock doors and is located on approximately five acres in Deer Park, New York, approximately four miles from I-495/Long Island Expressway in Nassau County. The Long Island Terminal is leased through December 2019 to a leading national less-than-truckload (LTL) carrier. Year 1 net operating income will equal approximately $298,000 (7.6% initial cap rate), with annual rental escalations based upon the increase in CPI, subject to a minimum increase.
The second terminal has 61 dock doors and is located on approximately 10.5 acres in Elkridge, Maryland, one mile from I-95 and three miles from the Baltimore Washington International Airport. The Elkridge terminal is leased through May 2019 to a leading Northeastern regional LTL carrier. Year 1 net operating income will equal approximately $496,000 (8.3% initial cap rate), with rental escalations every 18 months based upon the increase in CPI, subject to a minimum increase.
About Gramercy Property Trust (GPT)
Gramercy Property Trust Inc. is a self-managed, integrated commercial real estate investment and asset management company. The Company owns, directly or in joint ventures, 106 buildings totaling approximately 4.0 million square feet of office and 1.9 million square feet of industrial, net leased on a long-term basis to tenants, including Bank of America, Nestlé Waters, Philips Electronics and others. The Companys property management business, operating under the name Gramercy Asset Management, currently manages for third-parties, approximately $1.9 billion of commercial properties leased primarily to regulated financial institutions and affiliated users throughout the United States. The Company is headquartered in New York City and has regional offices in Jenkintown, Pennsylvania, and St. Louis, Missouri.
To review the Companys latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC (SCUR).
Gramercy Property Trust Inc.
Jon W. Clark, 212-297-1000
Chief Financial Officer
Emily Pai, 212-297-1000
Source: Gramercy Property Trust Inc.Copyright Business Wire 2013