Seeking Alpha

Gramercy Property in 3-property $39.6M purchase deal

  • Putting its recent capital raise to good use, Gramercy Property Capital (GPT) acquires three properties (in 3 separate transactions) totaling 423K square feet for about $39.6M. Year 1 NOI of $2.8M makes for a 7.1% initial cap rate. The weighted-average lease term is roughly 11.5 years.
  • The largest of the three is a 309K square foot packaging and distribution facility in Elk Grove Village, IL - 100% leased to one of the nation's largest independent bakery and food contract manufacturers with annual rent escalations through 2023.
  • Source: Press Release
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