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Gramercy spends $112.8M on industrial assets in Maryland, Florida

GramercyProperty Trust Inc. paid $112.8 million to separately acquire foursingle-tenant industrial properties in the Baltimore and Miami metropolitanstatistical areas.

The company purchased a three-building portfolio inBaltimore and Hagerstown, Md. The assets cover an aggregate 1.1 million squarefeet and are leased to three separate tenants. The buildings vary in size from293,000 square feet to 506,000 square feet.

The second transaction concerns a 290,500-square-footfacility in Deerfield Beach, Fla., which is leased to a national media company.

The company said in a news release that the year oneaggregate NOI of the properties will be approximately $8.3 million, with a 7.4%initial cap rate and 7.8% annualized straight-line cap rate, and a weightedaverage remaining lease term of about six years.