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Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it has closed on five new acquisitions for a total purchase price of approximately $20.8 million. The properties were acquired in separate all-cash transactions.
The acquired properties included two industrial acquisitions - a 133,000 square foot bulk warehouse located in Atlanta, Georgia in the I-20 West submarket, that is 100% leased through April 2023 to a leading pulp and paper company and a two-property industrial portfolio totaling 83,000 square feet located in Manassas, Virginia, that is 100% leased through December 2024 to a subsidiary of a leading document storage company. The total purchase price for the industrial properties was approximately $12.9 million equating to a 7.8% cap rate on GAAP NOI.
Gramercy also closed on three bank branch acquisitions 100% leased to large financial institutions. The properties include a 42,000 square foot office and retail bank branch located in Morristown, New Jersey leased to two financial institutions with leases running through September 2024 (71% of the facility) and October 2018 (29% of the facility) and branches located in Myrtle Beach, North Carolina, that is 100% leased through December 2018, and Allentown, Pennsylvania, that is 100% leased through February 2019. The total purchase price for the three bank properties was approximately $7.1 million, equating to a 7.9% cap rate on GAAP NOI. All three branch properties were previously part of portfolios managed by Gramercy.
Gordon F. DuGan, Chief Executive Officer, commented, “Our acquisitions team continues to find high quality, one-off industrial acquisitions with attractive tenancy, term and yield in our target markets. We have also been able to repeatedly draw upon our competitive advantage in owning and managing financial institution real estate to source high-quality bank branch assets at attractive yields. These acquisitions represent additional building blocks in the construction of a market-leading net lease portfolio.”