Gramercy closes another property purchase

|About: Gramercy Property Trust,... (GPT)|By:, SA News Editor

Gramercy Property Trust (GPT) closes on the purchase of a 176K square-foot production and warehouse bottling facility in Tampa. The building is 100% leased through 2020 to a leading beverage producer, with year 1 NOI expected to be about $748K for an initial cap rate of 7.9%. The purchase was an all-cash deal for about $9.5M