Gramercy Property Trust Puts Up $51.6M For 3 Properties

Law360, New York (January 7, 2014, 4:02 PM EST) -- New York-based Gramercy Property Trust Inc. said Tuesday that it ended 2013 by closing on three new industrial properties for a total of about $51.6 million, as part of a continued effort to build up its portfolio.

The real estate trust's acquisitions were made in two separate sale-leaseback transactions, and were structured with 15-year initial lease terms with fixed annual rent increases. The three properties comprise a combined 610,000 square feet. According to a Tuesday press release from Gramercy, the total net operating income for the...
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