Gramercy Property Trust Announces Q2 Acquisition and Disposition Activity
July 26 2017 - 5:30PM
Business Wire
Gramercy Property Trust (NYSE:GPT), a real estate
investment trust, announced today that it acquired ten industrial
properties in the second quarter of 2017 in Savannah, Baltimore,
Austin, Inland Empire, Columbus, Miami, and North and South
Carolina for a total purchase price of $171.5 million at a 7.1%
cash capitalization rate. Also during the second quarter, the
Company acquired land parcels for and began construction of two
build-to-suits in Spartanburg and Phoenix for a total estimated
investment of $49.1 million at a 7.6% expected capitalization rate
upon delivery. Acquisition volume for the second quarter, including
estimated investments on build-to-suits, totals $220.6 million.
Disposition activity for the quarter resulted in aggregate gross
proceeds of $183.3 million at a 4.4% disposition cap rate on next
twelve months cash NOI and a 6.7% capitalization rate on 2016 GAAP
NOI. These aggregate gross disposition proceeds include $124.7
million from office and retail bank branch properties, including
the sale of five office assets from the Company’s Gramercy Woods
campus in Jacksonville, FL, as well as one office asset in Dallas,
TX, one vacant industrial property in Minneapolis, MN and two
industrial assets in Spartanburg, SC.
Subsequent to quarter end, the Company acquired two industrial
properties and three covered land industrial parcels in North
Carolina, Baltimore and Miami for a total purchase price of $145.9
million at a 6.4% cash capitalization rate. Currently, the Company
has approximately $163.4 million in approved acquisitions under
contract.
Also subsequent to quarter end, the Company disposed of one
retail bank branch in Miami, one vacant industrial asset in
Spartanburg and one office property in San Diego for aggregate
gross proceeds of $7.3 million. Currently, the Company has
approximately $82.1 million in dispositions under contract or in
negotiation for sale.
About Gramercy Property Trust
Gramercy Property Trust is a leading global investor and asset
manager of commercial real estate. The Company specializes in
acquiring and managing high quality, income producing commercial
real estate leased to high quality tenants in major markets in the
United States and Europe.
To review the Company’s latest news releases and other corporate
documents, please visit the Company's website at www.gptreit.com or
contact Investor Relations at 888-686-0112.
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version on businesswire.com: http://www.businesswire.com/news/home/20170726006410/en/
Gramercy Property TrustInvestor RelationsAshley M. Mancuso,
212-297-1000
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