Gramercy Property Trust Agrees to Purchase $479 Million Core Logistics Portfolio

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it has entered into an agreement to acquire a 41-property, 7.8 million square foot portfolio of modern warehouse industrial buildings (the “Portfolio”) for $479 million. The Portfolio is 93% leased with a weighted average remaining lease term of 4.1 years; near term lease roll is concentrated in properties that have contract rents which are either at or below market rent levels. The Portfolio is 100% located in six key logistics markets throughout the United States which include Atlanta, Chicago, Columbus, Dallas, Houston and Memphis. The Company will acquire the Portfolio free and clear of any debt at a 6.2% capitalization rate on estimated stabilized NOI.