Gramercy Capital Corp. (NYSE: GKK)
closed on the acquisition of a two-property, 540,000 square-foot industrial portfolio (the “Portfolio”) located in the Indianapolis metropolitan area, in an all-cash transaction for a purchase price of approximately $27.125 million. The Portfolio is comprised of two Class A industrial buildings, 100% leased to three tenants, with a 10.2-year weighted average lease term.
Gordon F. DuGan, Chief Executive Officer of Gramercy Capital Corp., commented, “This is our first closing under the Company’s new strategy and represents an important step in the transformation of Gramercy into a premiere net lease investor focused on office and industrial properties.” Mr. DuGan continued, “We are looking to construct a portfolio of high quality assets that generate durable sustainable cash flows for the benefit of our shareholders.”
Gramercy Capital Corp. is a self-managed, integrated commercial real estate investment and asset management company. The Company’s Gramercy Realty division currently manages approximately $1.9 billion of commercial properties leased primarily to regulated financial institutions and affiliated users throughout the United States. The Gramercy Finance division manages approximately $1.8 billion of whole loans, bridge loans, subordinate interests in whole loans, mezzanine loans, preferred equity, commercial mortgage-backed securities and other real estate securities which are financed through three non-recourse CDOs. The Company is headquartered in New York City and has regional investment and portfolio management offices in Jenkintown, Pennsylvania, Charlotte, North Carolina, and St. Louis, Missouri.
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This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the implementation of the new business strategy, the integration of the new management team, the results of the operational review and those factors listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC.