Gramercy Property Trust Inc. (GPT)

[Enterprising Investor]

Gramercy Property Trust Announces Acquisition of a $10.1 Million Industrial Property in Miami, FL (10/28/14)

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 188,000 square foot industrial warehouse located in Miami, Florida. The property is 100% leased through October 2021 to a leading regional provider of document management services. Year 1 net operating income is approximately $772,900 (7.7% initial cap rate; 8.4% annualized straight-line cap rate) with annual rent escalations throughout the term. The property was acquired all-cash in a sale leaseback transaction for a purchase price of approximately $10.1 million.

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/20141028005321/en/Gramercy-Property-Trust-Announces-Acquisition-10.1-Million#.VFE8SYl0yUk