Two more property acquisitions for Gramercy

The two industrial properties total about $295K square feet with total purchase price of $18.7M, net of roughly a $285K rent credit. Both are 100% leased with average lease term of about 13 years. Year 1 NOI is roughly $1.4M, for initial cap rate of 7.3%; 8.4% annualized straight-line cap rate.

Property #1 is in Elgin, IL and #2 is in Harrisburg, PA. Gramercy (GPT) purchased the two in separate transactions.

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