Gramercy Property Trust Adds Another 2M SF To Portfolio
New York-based Gramercy Property Trust has acquired a nine-property portfolio of Class-A industrial buildings for $331M.
The transaction centers on a 2M SF portfolio that spans eight markets across the U.S., including Atlanta, Boston, Charlotte, Chicago, the Inland Empire, Minneapolis, Reno and Spartanburg.
GPT has been on a buying spree this year, acquiring high-quality warehouses, logistics centers and industrial portfolios to add to its assets under management. In January the REIT purchased a 17-building industrial portfolio spread across eight states. GPT also recently announced a $479M transaction that included the acquisition of 41 warehouse buildings spread over six logistics areas in the U.S. On the same day, it launched a new joint venture.
The latest portfolio acquired is 100% leased and has a weighted average remaining lease term of 10.4 years.
"The portfolio consists of several key logistics facilities within some of the top industrial markets in the U.S., with the majority of the facilities serving as critical pieces in the distribution footprint for a market leading logistics and delivery company,” GPT Chief Investment Officer Nicholas Pell said in a release.
The deal is expected to close in Q3.