Gramercy Trust Drops $86M To Nab 6 Properties

Law360, New York (November 25, 2013, 3:30 PM EST) -- New York-based Gramercy Property Trust Inc. has closed four separate transactions to pick up six new commercial properties for a grand total of about $86 million in a continued effort to build up its portfolio of commercial and industrial property, the real estate investment company said Monday.

The total net operating income for the first year is expect to reach $6.4 million, which will increase each year based on fixed rent escalations throughout each property’s respective lease terms, according to a statement.

Combined, the six properties...
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