Gramercy Property Trust Buys Cold Storage Facility

(RTTNews) - Gramercy Property Trust Inc. (GPT), a real estate investment trust, Wednesday said it closed the acquisition of an approximately 187,000 square foot cold storage facility and dry warehouse located in Arlington Heights, Illinois.

The facility was acquired all-cash for a purchase price of around $19.1 million.

The two attached buildings are 100 percent leased through May 2019 to a specialty food importer and distributor, with a lease guaranty from the tenant's parent company, a global leader in broadline food distribution.

First year net operating income is approximately $1.5 million with annual rent escalations throughout the lease term.