Gramercy Property Trust Purchases 17 Core Logistics Centers For $521M
The warehouse portfolio includes 10.3M SF spanning 17 centers, 15 of which are stabilized assets with remaining lease terms of 5.2 years on average. Locations include Fairfield, CA, Atlanta, Charleston, Cincinnati and Dallas.
Gramercy took on roughly $198M in debt with this deal—including a weighted 4.1% average interest rate and average maturity of 3.9 years, CoStar reports. Industrial properties represent roughly 70% of Gramercy's portfolio, quite a leap from the 47% in industrial properties the REIT owned a year ago. [CoStar]