Gramercy Property closes on $69M purchase; issues shares

The three industrial properties total about 1.5M square feet, and the combined year 1 NOI is expected at about $6.2M for an initial cap rate of 9%.

Gramercy (NYSE:GPT) assumed three mortgages totaling roughly $42.9M with an average remaining term of 3.1 years. The rest of the deal was funded with the issuance of 3.8M in convertible limited partnership units of GPT Property Trust.

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