Gramercy Property Trust Inc. (GPT)

[Enterprising Investor]

Gramercy Property Trust Announces Acquisition of $17.3 Million Industrial Properties in Miami, FL (8/27/14)

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed the acquisition of three auto salvage sites totaling approximately 30 acres in Medley, Florida (Miami MSA). The properties are 100% leased through July 2022 to a subsidiary of a large publicly-traded global provider of replacement auto and truck parts. Year 1 net operating income is approximately $1.3 million (7.4% initial cap rate and annualized straight-line cap rate) with rent escalations every 60 months based upon the increase in CPI, subject to a maximum increase. The facility was acquired all-cash for a purchase price of approximately $17.3 million ($580,000 per acre).

About Gramercy Property Trust

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 a commercial real estate asset and property management business for third parties.

To review the Company’s 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.

http://www.businesswire.com/news/home/20140828005092/en/Gramercy-Property-Trust-Announces-Acquisition-17.3-Million#.U_8lY4l0yUk