Gramercy Property Trust Sells Office Portfolio in Cincinnati for $87M
CINCINNATI — Gramercy Property Trust has closed on the sale of a three-building office portfolio in Cincinnati for $87 million, the equivalent of $161 per square foot. McAuley Place and Landings I & II were 96 percent occupied at the time of sale. The exit cap rate was 9 percent based on the existing net operating income. The buyer in the transaction was undisclosed.