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Gramercy Property details $156M sales, $145M purchase activities in Q4'17

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Gramercy Property details $156M sales, $145M purchase activities in Q4'17

Gramercy Property Trust sold nine assets for $155.8 million and purchased five properties for $144.9 million during the fourth quarter of 2017.

The diversified real estate investment trust did not provide details for the divestments but noted that the disposition cap rate was 6.6% on next-12-months cash net operating income.

The acquisitions comprise three core industrial properties in Chicago; Boston; and Reno, Nev., and two value-add industrial properties in Atlanta and Miami. The core assets were purchased at a 6.4% cash cap rate, while the two value-add assets are expected to stabilize to an initial cap rate of about 6.0%.

After the 2017 fourth quarter, Gramercy picked up an industrial property in Tampa, Fla., for $10.6 million. It also off-loaded two industrial assets in Phoenix and St. Louis for $30.1 million and one specialty retail asset in Springfield, Mo., for $1.8 million.

Gramercy has roughly $48.0 million in additional disposals awarded or under contract for sale, as of the Feb. 28 earnings release.