Followers | 241 |
Posts | 12151 |
Boards Moderated | 3 |
Alias Born | 04/05/2009 |
Tuesday, December 09, 2014 4:51:15 PM
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it has agreed to acquire a portfolio of 12 single-tenant net lease assets from Dividend Capital Diversified Property Fund Inc. (“DPF”) for approximately $399 million, plus transaction costs.
The portfolio totals approximately 2.67 million square feet and consists of six office assets, four industrial assets and two data centers with a majority of the assets located in major markets: Los Angeles, Dallas, Miami/Fort Lauderdale, Houston and Denver. The portfolio has in-place base rents totaling approximately $30.66 million per year, as of December 1, 2014, and is 100% leased with a weighted-average lease term of approximately 6.7 years. The Company expects to assume approximately $142 million of existing secured debt at a fixed rate of 5.455% and a maturity date of July 2020.
DPF is currently in negotiations with two tenants to extend and restructure leases where, if successful, the portfolio would have a weighted-average lease term of more than eight years. However, there are no assurances that DPF or the Company will execute a lease extension on the currently proposed terms or at all.
Subject to completion of satisfactory due diligence and satisfaction of customary closing conditions, the Company anticipates closing the acquisition during the first quarter of 2015.
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/20141209006607/en/Gramercy-Property-Trust-Announces-Agreement-Purchase-399#.VIdumol0yUk
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM