New York REIT Announces Six Acquisitions

A New York REIT says that it has closed on six new properties in four separate transactions which add about 1 million square feet to its inventory.  The deals total about $86 million.

Gramercy Property Trust Inc., which trades on the New York Stock Exchange, also assumed a $22.5 million mortgage at a fixed rate of 4.0% with 6.1 years remaining secured by one of the new acquisition properties, as well as a 10-year $12.6 million senior mortgage financing a 220,000-square foot storage and distribution facility in Yuma, Ariz., at a fixed 5.15% rate.

The firm already owns, directly or in joint venture, 86 industrial and office buildings of about 4.0 million square feet of office and 2.3 million square feet of industrial property.  According to its website the portfolio is net leased on a long-term basis to tenants that include the Bank Of America, Nestle Waters, Philips Electronics and others.

Over the past 16 months, Gramercy says it has bought 132 properties--more than 6.7 million square feet for about $700 million, not including the newly announced acquisitions.

Gramercy's press release is available here.

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