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Gramercy Property Trust Acquires Four Facilities For A Total Purchase Price Of Approximately $82 Million

Stocks in this article: GPT

Gramercy Property Trust Inc. (NYSE: GPT) announced today that it has closed on four acquisitions: a wholesale automotive auction facility in Dallas, Texas, an industrial cold storage facility in Southern New Jersey and two cross-dock truck terminals located in Houston, Texas and Orlando, Florida.

The wholesale automotive auction facility is located on a 175-acre land parcel in Hutchins, Texas (Dallas MSA), approximately 2.5 miles from the I-20 and I-45 interchange and approximately two miles from the Dallas Intermodal Terminal (DIT). The property is a fully integrated, state-of-the-art automotive auction facility 100% leased through June 2029 to one of the largest wholesale car auction companies in North America. Year 1 net operating income is approximately $4.9 million (8.4% initial cap rate), with fixed annual rent escalations throughout the lease term. The facility was acquired for approximately $58.5 million including the assumption of a $26.3 million, fully-amortizing first mortgage that is co-terminus with the lease. The loan has a fixed rate of 6.95%.

The industrial freezer/cooler facility is a newly constructed 70,000 square facility located in Logan Township, New Jersey (Philadelphia MSA), approximately eight miles from the New Jersey Turnpike and I-295 interchange. The building is 100% leased through May 2028 to one the largest wholesale distributors of natural, organic and specialty foods in North America. Year 1 net operating income is approximately $736,000 (6.2% initial cap rate), with fixed annual rent escalations throughout the lease term. The facility was acquired in an all-cash transaction for a purchase price of approximately $11.8 million.

The Houston terminal has 189 dock doors and is located on approximately 33 acres off the I-610 loop and 1.5 miles from the I-10 interchange. The Houston Terminal is leased through May 2019. The Orlando terminal has 72 dock doors and is located on approximately 15 acres one mile from Highway 528 and Highway 91 interchange and eight miles from the Orlando International Airport. The Orlando terminal is leased through January 2019. The terminals are both 100% leased to a leading national less-than-truckload (LTL) carrier under separate leases. Year 1 aggregate net operating income from the two terminals is approximately $952,000 (8.0% initial cap rate), with rental escalations every 12 months based upon the increase in CPI, subject to a minimum increase. The two cross-dock truck terminals were acquired in a single all-cash transaction for a total purchase price of approximately $12.0 million.

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