- The portfolio of 12 single-tenant net lease properties totals about 2.7M square feet and has a year 1 NOI producing a cap rate of 7.9%. The annualized straight-line cap rate is 8.3%, with a weighted-average lease term of about 6.4 years.
- Gramercy (NYSE:GPT) assumed existing mortgage debt of $128M with 5.3 years remaining until maturity. It's currently in talks with two tenants on lease extensions which, if successful, would boost the average lease term of the portfolio to more than eight years.
- Source: Press Release
- Previously: Big gains for Gramercy Property after transformational deal (Dec. 10, 2014)