Gramercy Property Trust Inc. (GPT)

[Enterprising Investor]

Gramercy Property Trust Announces Acquisition of Two Industrial Properties for $37.7 Million (1/12/15)

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of two industrial properties totaling approximately 676,000 square feet. The properties are 100% leased with a weighted average lease term of approximately 11.6 years. For the two properties, Year 1 net operating income is anticipated to be approximately $2.5 million (6.6% initial cap rate; 7.1% annualized straight-line cap rate) with rent escalations throughout each lease term. The two properties were acquired in separate transactions all-cash for an aggregate purchase price of approximately $37.7 million.

The first property is an approximately 211,000 square foot headquarters and manufacturing facility located in St. Louis, Missouri, which is leased through September 2029 to a multi-national plastics packaging company. The second property is an approximately 465,000 square foot warehouse and distribution facility located in Cinnaminson, New Jersey (Philadelphia MSA), which is leased through April 2025 to a leading, global manufacturer and distributer of pulp and paper products.

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/20150112005037/en/Gramercy-Property-Trust-Announces-Acquisition-Industrial-Properties#.VLPiCoktGUk