Gramercy Property closes on $19.1M purchase

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

The 187K square foot cold storage facility and dry warehouse located in Arlington, IL is 100% leased through 2019 to a specialty food importer and distributor. Year 1 NOI should be about $1.5M with annual rent escalations built into the lease. The initial cap rate is 8.1%, and the annualized straight-line cap rate is 8.4%.

GPT's purchase was an all-cash deal.