GRAMERCY PROPERTY TRUST ACQUIRES TWO TERMINALS FOR $9.8M

NEW YORK CITY — Gramercy Property Trust Inc. has closed on the acquisition of two cross-dock truck terminals in the Long Island and Baltimore areas for $9.8 million. Cross-docking is a practice in logistics of unloading materials from an incoming semi-trailer truck or railroad car and loading the materials directly into outbound trucks, trailers or rail cars. The Long Island Terminal includes 54 dock doors, located on five acres in Deer Park, a community in Long Island. This terminal is leased through December 2019 to a national carrier. The second terminal includes 61 dock doors and is located on 10.5 acres in Elkridge, a southwest suburb of Boston. The Elkridge Terminal is leased to a northeast carrier. The terminals were purchased separately in all-cash transactions.