June 16, 2016
Gramercy Property Trust, a REIT, disposed of two large office assets for a total of $76.2 million in an effort to sell off its single- and multi-tenant office assets.
In Livermore, CA, Gramercy sold its three-building portfolio, Comcast Office Campus, and in Celebration, FL, the company disposed of Celebration Office Center III. Together, the weighted lease term amounted to 5.9 years, and the blended exit cap rate was 8.9% on the next 12 months’ net operating income. Net proceeds amounted to $73.2 million.
Overall, its total assets currently under contract amount to $115 million with $625 million in the market currently.