Gramercy Extends Portfolio with 12 Industrial Buildings in U.S. and Canada
- Apr 29, 2016
New York—Gramercy Property Trust purchased 12 industrial buildings for $115.2 million. The single-tenant net lease industrial assets span over a total 1.5 million square feet and are located in major markets across the U.S. and Canada, such as New Jersey, Los Angeles, Chicago, Baltimore and Toronto.
The real estate investment trust bought announced that the net operating income for the first year is estimated at $9.4 million, while the average remaining lease term is approximately 13 years. Gramercy financed a part of the acquisition through four loans totaling of $48.2 million, which will be amortized in five and a half years. The mortgages have a weighted average interest rate of 4.8 percent and limit operations for 11 of the 12 assets in the portfolio.
Gramercy Property Trust is New York-based global investor and asset manager of commercial real estate, specialized in acquiring and managing single-tenant, net-leased industrial and office properties in the U.S. and Europe.