Gramercy Property Trust has entered into an agreement with a leading private real estate development and investment company to purchase a 9-property, 2 million square foot portfolio of Class-A industrial buildings for $331 million. The properties are located across eight markets which include Atlanta, Boston, Charlotte, Chicago, the Inland Empire, Minneapolis, Reno and Spartanburg. Terms of the deal state Gramercy will assume $137 million of in-place debt, and will issue $133 million in OP Units to fund the acquisition. The OP Unit price will be $29.56 per share. The company is acquiring the portfolio at a 6.3 percent cash capitalization rate. The assets are 100 percent leased with a weighted average remaining lease term of 10.4 years.
Nicholas Pell, Chief Investment Officer of Gramercy Property Trust said “The portfolio consists of several key logistics facilities within some of the top industrial markets in the US, with the majority of the facilities serving as critical pieces in the distribution footprint for a market leading logistics and delivery company.”
