Gramercy Property Trust Announces Q2 Acquisition and Disposition Activity

NEW YORK--(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.