NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it acquired ten industrial properties in the second quarter of 2017 in Savannah, Baltimore, Austin, Inland Empire, Columbus, Miami, and North and South Carolina for a total purchase price of $171.5 million at a 7.1% cash capitalization rate. Also during the second quarter, the Company acquired land parcels for and began construction of two build-to-suits in Spartanburg and Phoenix for a total estimated investment of $49.1 million at a 7.6% expected capitalization rate upon delivery. Acquisition volume for the second quarter, including estimated investments on build-to-suits, totals $220.6 million.
Disposition activity for the quarter resulted in aggregate gross proceeds of $183.3 million at a 4.4% disposition cap rate on next twelve months cash NOI and a 6.7% capitalization rate on 2016 GAAP NOI. These aggregate gross disposition proceeds include $124.7 million from office and retail bank branch properties, including the sale of five office assets from the Company’s Gramercy Woods campus in Jacksonville, FL, as well as one office asset in Dallas, TX, one vacant industrial property in Minneapolis, MN and two industrial assets in Spartanburg, SC.
Subsequent to quarter end, the Company acquired two industrial properties and three covered land industrial parcels in North Carolina, Baltimore and Miami for a total purchase price of $145.9 million at a 6.4% cash capitalization rate. Currently, the Company has approximately $163.4 million in approved acquisitions under contract.
Also subsequent to quarter end, the Company disposed of one retail bank branch in Miami, one vacant industrial asset in Spartanburg and one office property in San Diego for aggregate gross proceeds of $7.3 million. Currently, the Company has approximately $82.1 million in dispositions under contract or in negotiation for sale.
About Gramercy Property Trust
Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing high quality, income producing commercial real estate leased to high quality tenants in major markets in the United States and Europe.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 888-686-0112.
