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Gramercy Property Trust Inc Closes Acquisition Of Four Facilities For Total Purchase Price Of Approximately $82 Million

Monday, 1 Jul 2013 08:30am EDT 

Gramercy Property Trust Inc announced 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 a wholesale car auction company 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%. 

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26 May 2015