Gramercy Property Trust To Buy 9-Property Industrial Portfolio For $331 Mln

(RTTNews) - Gramercy Property Trust (GPT), a real estate investment trust, announced Wednesday its deal to buy 9-property, 2.0 million square foot portfolio of Class-A industrial buildings for $331 million.

The company has entered into an agreement with a private real estate development and investment company for the acquisition.

The Portfolio is 100% leased with a weighted average remaining lease term of 10.4 years. The properties are located across eight markets throughout the United States.

The closing of the deal is expected to occur by the end of the third quarter of 2017. At closing, the company will assume $137 million of in-place debt, and will issue $133 million in OP Units to fund the acquisition.

Nicholas Pell, Chief Investment Officer of Gramercy Property Trust, stated, "The portfolio consists of several key logistics facilities within some of the top industrial markets in the US, with the majority of the facilities serving as critical pieces in the distribution footprint for a market leading logistics and delivery company.... The transaction structure highlights the creativity and flexibility of our investment platform, two hallmarks of how we secure attractive industrial investments in a competitive market environment."