Gramercy Property Trust Inc. (GPT)

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Gramercy Property Trust Inc.
Gramercy Property Trust Announces Year-End Close on Two Sale Leasebacks Totaling $51.6 Million






NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust, announced today that it closed on three new industrial property acquisitions in two separate sale-leaseback transactions totaling $51.6 million. Two of the buildings are located in Vernon, California, in Los Angeles and the third building is located in Allentown, Pennsylvania. The Vernon properties total approximately 130,000 square feet and are leased to a leading regional steel services company under a single master lease. The Allentown property totals approximately 480,000 square feet and is leased to a leading global packaging company. Both transactions were structured with 15-year initial lease terms with fixed annual rent escalations throughout the term. Year 1 NOI for the three properties totals $3.4 million, equating to a GAAP cap rate of 7.8% and a cash cap rate of 6.6%. During 2013, the Company completed 24 separate acquisitions totaling $361.0 million.


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Gramercy Property Trust Inc.
420 Lexington Avenue , New York, NY 10170
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