Gramercy closes on purchase of 3 Miami-area industrial properties


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.

Comments (1)
  • Chris DeMuth Jr.
    , contributor
    Comments (10207) | Send Message
     
    Good. On track.
    28 Aug 2014, 08:44 AM Reply Like
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