GRAMERCY PROPERTY TRUST ACQUIRES TWO INDUSTRIAL PROPERTIES FOR $18.7M

ELGIN, ILL. — Gramercy Property Trust Inc. has acquired two industrial properties in Elgin, Ill. and Harrisburg, Pa. for $18.7 million. The Elgin property in metro Chicago is an 112,000-square-foot manufacturing facility. The property is leased through August 2028 with annual rent escalations to a global manufacturer of small, engineered metal components. The Harrisburg property is an 183,000-square-foot industrial warehouse. The property is leased through February 2025 with annual rent escalations to a subsidiary of a large multinational industrial company.Both properties are fully leased with a weighted average lease term of approximately 13 years. Year One net operating income for the two properties totals approximately $1.4 million, reflecting a 7.3 percent initial cap rate.