Gramercy Property Trust (GPT) exercises the accordion feature of its credit facility, boosting the company's revolving borrowing capacity to $150M. All other terms remain the same.
Also announced is the closing of the $6.3M purchase of a 115.5K square foot industrial building in Des Plaines, Illinois. The building is 100% leased to an auto-parts manufacturer through 2025. Year 1 NOI should be about $479K for an initial cap rate of 7.6% (GAAP cap of 8.36%), with annual rent escalations. Gramercy assumed about a $2.7M mortgage at a fixed rate of 5.25%.