New York-Based Gramercy Property Trust has picked up two industrial buildings in a $25.15 million investment. The two buildings purchased are a 195,280 square foot building in Fairfield, Ohio, and a 197,500 square foot facility in Swedesboro, New Jersey. The facilities are leased to Heritage Bag Company, a leading manufacturer of plastic bags and liners sold to institutional and commercial customers, for fourteen years with absolute net lease structures. Colliers International East Region Investment Group represented a private seller in the disposition.
“Our client and Gramercy worked together efficiently to execute a seamless transaction before the end of the year,” said Colliers International Senior Vice President Dennis Mitchell. The two assets included were originally part of a three asset portfolio which included a building in Southern California’s Inland Empire market. The Inland Empire asset sold in a separate transaction.
