Gramercy Property Trust Inc. (GPT)

[Enterprising Investor]

Gramercy Property Trust Announces Acquisition of a $9.5 Million Industrial Facility in Austin, TX (10/23/13)

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it has closed the acquisition of an approximately 120,350 square foot industrial facility in Austin, Texas. The building is 100% leased through October 2028 to a leading provider of linen management services to the U.S. healthcare industry. Year 1 net operating income is approximately $717,000 (7.56% initial cap rate, 8.25% GAAP cap rate) with fixed rent escalations throughout the lease term. The facility was acquired all-cash for a purchase price of approximately $9.5 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 an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets throughout the United States primarily leased to financial institutions and affiliated users.

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/20131023005373/en/Gramercy-Property-Trust-Announces-Acquisition-9.5-Million