Gramercy Taps Carlton to Auction 74 Bank, Retail Assets

Carlton Advisory Services Inc. has taken on the role of exclusive sealed bid advisor for the disposition of 74 former bank branch and retail properties on behalf of Gramercy Capital Corp., which operates its commercial real estate business under the name Gramercy Realty. Sited in key locales spanning 19 states, the group of assets includes land parcels and has an aggregate appraised value of approximately $58.8 million. All bids are due by Oct. 13. The majority of the portfolio is located in Florida, where 11 properties and three land parcels are up for grabs. Other areas of concentration include Alabama with nine properties and two land sites; Georgia, which is home to 10 of the properties and one land parcel; and Pennsylvania, where 11 properties are available. While most of the assets are abandoned bank branches, 12 in the group present the opportunity for steady cash flow, as they are either 100 percent occupied or partially leased to banks. Gramercy’s top tenants are Bank of America N.A. and Wachovia Bank National Association, which occupy 45.2 percent and 19.2 percent of the leased space, respectively. Gramercy is on a bit of a disposition binge. During the second quarter, the company pocketed about $45.7 million with the sale of a group of 20 assets that included 14 held-for-sale properties. As of midyear, Gramercy’s portfolio of fully and partially owned properties encompassed 798 bank branches, 11 land parcels and 347 office buildings. New York-headquartered Gramercy is an integrated commercial real estate finance and property investment firm. The company’s debt investment business focuses on the direct origination and acquisition of whole loans, subordinate interests in whole loans, mezzanine loans, preferred equity, CMBS and other real estate securities. Also based in New York, Carlton is a national real estate investment banking concern focusing on debt and equity placement, investment sales, and commercial and residential loan sales. Established in 1991, the company has closed over $40 billion of transactions over the last decade.