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Gramercy details £21M of UK asset sales; Four Corners buys 4 Burger King assets


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Gramercy details £21M of UK asset sales; Four Corners buys 4 Burger King assets

This feature rounds up recent property news from covered companies and highlights larger deal coverage already published.

* Gramercy Property Trust Inc. sold its 100%-owned single-tenant office building in Coventry, U.K., for gross proceeds of £9.0 million. The company also off-loaded its 80% stake in a single-tenant logistics building in Rugby, U.K., for pro rata gross proceeds of £12.0 million.

The company completed a new lease with an undisclosed multinational utility company at the Coventry property and a renewal with a global logistics provider at the Rugby property. At closing, the weighted average remaining lease term for the two properties was 9.9 years.

* Four Corners Property Trust paid $7.7 million to buy four Burger King restaurant properties in Tennessee leased to Cambridge Franchise Holdings. The properties are occupied under new, individual triple-net leases with 20-year terms.

* A St. Joe Co. unit agreed to transfer its entire stake in the Windmark Beach mixed-use residential and commercial community in Gulf County, Fla., to Windmark JV LLC, a joint venture between St. Joe's Windmark Beach LLC subsidiary, The Fairholme Unlimited Foundation Inc. and an unrelated charitable foundation.

The project offers more than 1,900 acres, 64 residential single-family developed lots, roughly 59,000 square feet of commercial and community space and 31 residential multifamily units located above the commercial space. Under the agreement, Windmark Beach LLC will be the managing member of the joint venture and will run its day-to-day operations.

Additional coverage

Pure Multi-Family REIT to acquire Dallas community for US$40M: The deal is expected to be completed in late January 2017.