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Gramercy Property Trust fetches $173M from fiscal Q2 asset sales

Gramercy Property Trust Inc. generated $173 million in gross proceeds from asset disposals during the fiscal second quarter.

The company off-loaded six office assets, including five from its Gramercy Woods campus in Jacksonville, Fla., for $115 million, and one in Coppell, Texas, for $42 million. Two retail bank branches and one vacant industrial asset were also disposed of during the period.

Occupied properties had a weighted average remaining lease term by square footage of 13.6 years at closing of the deal, with a blended exit capitalization rate of 5.1% on next 12 months net operating income.

Year-to-date, Gramercy Property Trust has sold $225 million of noncore assets in the U.S. and Canada, including $197 million worth of office and retail bank branch assets, according to a company release. The company currently has approximately $180 million of assets up for sale.