Gramercy Industrial Portfolio

December 18, 2016 Comments Off on Gramercy Property Pays $521M for Industrial Portfolio Views: 461 Austin, National News, New York News, Northeast, Texas News, Top National, Top Texas

Gramercy Property Pays $521M for Industrial Portfolio

Gramercy Property Trust closed on the acquisition of a 17-property, 10.3 million-square-foot industrial portfolio for $521 million. The portfolio is made up of bulk warehouses in key logistics centers throughout the United States. The portfolio’s seller was unidentified, though research indicated that the majority of assets belonged to US Industrial REIT III, a core fund of San Antonio-based USAA Real Estate.

The portfolio consists of

  • 15 stabilized assets with a weighted average remaining lease term of 5.2 years, and totaling 9.3 million square feet. These assets are in Atlanta, Charleston, Cincinnati, Dallas, Indianapolis, Jacksonville, Memphis and Sacramento.
  • One value-add asset in Fairfield, CA with a short-term in-place lease that expires in July 2017, with below-market rent.
  • One value-add asset in Southhaven, MI (Memphis MSA) that is 53% leased to a single tenant through August 2021. The two value-add properties total approximately 980,900 square feet.

Read More at Businesswire

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