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Gramercy Property Trust Purchases 17 Core Logistics Centers For $521M

Warehouse, industrial, distribution centerThe average height of warehouses and distribution centers has risen nine feet in the past 50 years.A newer big-box warehouse.
Photo credit: Wikimedia Commons/CTsabre14

Gramercy Property Trust, a New York-based industrial REIT, purchased a Class-A portfolio of 17 logistics centers throughout the US for $521M, the REIT announced Friday. The seller was not identified.

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]

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