Gramercy closes $9.5M Austin acquisition

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

Gramercy Property Trust (GPT) continues to put to use the $47.4M recently raised in a private stock offering.

The 120,350 square foot industrial facility is 100% leased through October 2028 to a provider of linen management services to the healthcare industry.

Year 1 NOI is about $717K - representing a 7.56% initial cap rate - with fixed rent escalations through the lease term. The purchase was an all-cash deal of $9.5M.