Gramercy closes $17.85M property acquisition

|About: Gramercy Property Trust,... (GPT)|By:, SA News Editor

Taking little time following its big capital raise, Gramercy Property Trust (GPT) closes the $17.85M cash acquisition of a 220K square foot cold storage facility in Yuma, Arizona.

Year 1 NOI is expected to be approximately $1.4M - an initial cap rate of almost 8%, with fixed annual rent escalations throughout the lease term.