Gramercy Property Trust Announces Year-End Close on Two Sale Leasebacks Totaling $51.6 Million
NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust, announced today that it closed on three new industrial property acquisitions in two separate sale-leaseback transactions totaling $51.6 million. Two of the buildings are located in Vernon, California, in Los Angeles and the third building is located in Allentown, Pennsylvania. The Vernon properties total approximately 130,000 square feet and are leased to a leading regional steel services company under a single master lease. The Allentown property totals approximately 480,000 square feet and is leased to a leading global packaging company. Both transactions were structured with 15-year initial lease terms with fixed annual rent escalations throughout the term. Year 1 NOI for the three properties totals $3.4 million, equating to a GAAP cap rate of 7.8% and a cash cap rate of 6.6%. During 2013, the Company completed 24 separate acquisitions totaling $361.0 million.
Gordon F. DuGan, the Companys Chief Executive Officer, stated: These sale leaseback investments cap a very active year for Gramercy and our investment team. We have proven our ability to find attractive investments in a competitive environment due to our teams reputation for finding and closing investments on time and on terms. We believe our growth will accelerate as we enter 2014 and look forward to another successful year for Gramercy as we build the best in class industrial and office net lease REIT."
About Gramercy Property Trust (GPT)
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets throughout the United States primarily leased to financial institutions and affiliated users.
To review the Companys latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC (SCUR).
Gramercy Property Trust Inc.
Jon W. Clark, 212-297-1000
Chief Financial Officer
Emily Pai, 212-297-1000
Source: Gramercy Property Trust Inc.Copyright Business Wire 2014