The two transactions for three industrial properties totaled $51.6M. Two of the buildings are located in Vernon, CA and total 130K square feet leased to a regional steel services company. The third building in Allentown, PA is 480K square feet and leased to a global packaging company.
Both have 15-year lease terms with fixed annual rent escalations. Year 1 NOI totals $3.4M for a GAAP cap rate of 7.8%, cash cap rate of 6.6%.
For all of 2013, Gramercy (GPT) closed on 24 deals totaling $361M.