NEW YORK — Gramercy Property Trust (NYSE: GPT) has acquired a 12-building industrial portfolio for $115.2 million. The seller in the deal was undisclosed.
The portfolio consists of approximately 1.5 million square feet. The majority of the assets are located in major markets including New Jersey, Los Angeles, Chicago, Baltimore and Toronto.
The aggregate net operating income for the first year is approximately $9.4 million with an 8.1 percent initial cap rate. The weighted average remaining lease term is 13 years.
In addition to the acquisition, Gramercy assumed three mortgages totaling $37.3 million and one mortgage totaling approximately $10.9 million in Canadian dollars. Collectively, the loans have a remaining term of 5.5 years and a weighted average interest rate of 4.8 percent.
Gramercy is a real estate investment trust specializing in acquiring and managing single-tenant, net-leased industrial and office properties. The company’s stock price closed Thursday, April 28 at $8.46 per share, up from $7.79 a year ago.