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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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