Gramercy Property closes on another purchase

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

An approximately 191K square foot R&D flex facility in Malvern, PA was purchased today by GPT in an all-cash deal for about $28.4M. The building is 100% leased to a leading healthcare diagnostics company, and year 1 NOI is expected to be about $2.1M for an initial cap rate of 7.5%. The annualized straight-line cap rate is 8.7%.