NEW YORK--(EON: Enhanced Online News)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it has closed the acquisition of an approximately 220,000 square foot food-grade cold storage and distribution facility located in Yuma, Arizona. Yuma County boasts the longest growing season in the country and is where 90% of the nation’s leafy vegetables are grown from November through March. The building is 100% leased through September 2033 to the leading organic food company in North America. Year 1 net operating income is approximately $1.4 million (8.0% initial cap rate, 9.25% GAAP cap rate) with fixed annual rent escalations throughout the lease term. The facility was acquired all-cash in a sale leaseback transaction.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets throughout the United States primarily leased to financial institutions and affiliated users.
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 212-297-1000.
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC.