NEW YORK CITY — Gramercy Property Trust (NYSE: GPT), a New York-based REIT, has acquired six distribution centers located throughout the United States.
The properties are the first acquisitions for a Gramercy-led e-commerce joint venture, which was launched in August 2017. The venture was established to acquire, own and manage Class A distribution centers across the country. Gramercy is a 51 percent partner in the venture. An undisclosed sovereign investor is the other partner.
The portfolio is composed of six newly constructed distribution properties totaling 5.2 million square feet for a combined purchase price of $538 million. The first two properties were acquired on Jan. 31 for $178 million. The second pair of properties, totaling $181 million, closed on April 3. The remaining two assets are under contract for $179 million, with the sale expected to close between late 2018 and early 2019.
Each building is expected to be fully leased to an e-commerce company on an initial 15-year term. Two of the properties are located in California’s Inland Empire, with the remainder in Dallas; Jacksonville, Fla.; southern New Jersey; and Winchester, Va.
Gramercy is a real estate investment trust that specializes in acquiring and managing assets in the United States and Europe. The company’s stock price closed at $22.01 per share on Thursday, April 5, down from $26.78 per share one year ago.
— Kristin Hiller