This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
YHOO $27.05 -3.29%
AAPL $95.01 1.05%
FB $99.75 -4.15%
GOOG $682.74 -0.12%
TSLA $147.99 -8.99%


Chart of I:DJI
DOW 16,027.05 -177.92 -1.10%
S&P 500 1,853.44 -26.61 -1.42%
NASDAQ 4,283.7530 -79.3910 -1.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs