Gramercy Property Trust Inc. (GPT)

[Enterprising Investor]

Gramercy Property Trust Announces Acquisition of a $20.0 Million Industrial Property in Santa Clara, CA (9/12/14)

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed the acquisition of an approximately 8.3-acre car rental retail and maintenance location in Santa Clara, California. The property acquired represents the fee simple interest in an improved land parcel 100% leased through March 2021 with two five-year renewal options to the largest car rental service provider in the United States. Year 1 net operating income is approximately $1.3 million (estimated 6.7% initial cap rate) with annual rent escalations by the lessor of 2% or three times the percentage change in CPI. The property was acquired all-cash for a purchase price of $20.0 million ($2.4 million 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/20140912005062/en/Gramercy-Property-Trust-Announces-Acquisition-20.0-Million#.VBL4xYl0yUk