Gramercy closes $9.5M Austin acquisition


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.

Comments (3)
  • Chris DeMuth Jr.
    , contributor
    Comments (10652) | Send Message
     
    Good to see. If you have not already done so, here is a great update on GPT, my best investment idea (prospectively, not positively as it lost out to CELGZ and SSE) for 2013: http://seekingalpha.co...
    23 Oct 2013, 08:54 AM Reply Like
  • jaha98
    , contributor
    Comments (141) | Send Message
     
    Thanks Chris appreciate your input!
    23 Oct 2013, 09:02 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (10652) | Send Message
     
    The recent write up isn't mine, but it was written by a friend who did a deep dive into the topic and hit all of the important points.
    23 Oct 2013, 09:04 AM Reply Like
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