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Gramercy closes acquisition of industrial portfolio for $115.2M

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Gramercy closes acquisition of industrial portfolio for $115.2M

completedthe acquisition of a 12-building portfolio of industrial facilities in a deal valuedat $115.2 million.

The portfoliocomprises single-tenant net lease industrial assets totaling approximately 1.5 millionsquare feet. The majority of the properties are in major markets, including NewJersey, Los Angeles, Chicago, Baltimore and Toronto.

The assets'aggregate NOI for the first year will be approximately $9.4 million, representingan 8.1% initial cap rate and an 8.9% annualized straight-line cap rate. The portfoliocarries a weighted average remaining lease term of approximately 13 years.

Gramercyassumed three mortgages totaling approximately $37.3 million and one mortgage totalingapproximately C$10.9 million, as part of the transaction. Collectively, the loanshave a remaining term of 5.5 years and a weighted average interest rate of 4.8%.