- Posted at 9:46, July 18, 2014
- By Russ Bleemer
New York-based REIT Gramercy Property Trust Inc. said Tuesday it closed on three new industrial property acquisitions in two sale-leaseback transactions totaling $51.6 million.
The seller wasn’t disclosed, but Gramercy provided a lot of data in its release, which can be found on its website, HERE.
- Two buildings are located in Vernon, Calif., a small industrial city adjacent to Los Angeles, and the third building is located in Allentown, Pa.
- The California properties are about 130,000 total square feet “and are leased to a leading regional steel services company under a single master lease.”
- The Pennsylvania property is about 480,000 square feet that Gramercy says is leased to a global packaging company.
- The transactions were structured with 15-year initial lease terms with fixed annual rent escalations throughout the term.
- The three properties’ first-year net operating income will total $3.4 million, Gramercy says, “equating to a GAAP cap rate of 7.8% and a cash cap rate of 6.6%.”
During 2013, Gramercy completed 24 acquisitions it valued at $361 million.
You can read a CEO statement at the link above.