Gramercy closes on purchase of 3 Miami-area industrial properties

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

The three auto salvage sites totaling about 30 acres are in Medley, FL, and were purchased by Gramercy Property Trust (NYSE:GPT) for $17.3M (all cash). The properties are 100% leased through July 2022 to the subsidiary of a large, publicly-traded provider of replacement auto and truck parts.

Year 1 NOI is expected to be about $1.3M for a 7.4% initial cap rate. Rent escalations are built in every 60 months based upon the increase in the CPI.