Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it closed on the disposition of McAuley Place and Landings I & II (“Cincinnati Office Portfolio”) located in Cincinnati, Ohio. The three-building portfolio was 95.7% occupied at the time of sale and was sold for a sale price of approximately $87 million, or $161 per square foot. The exit cap rate was 9.0% on in-place cash NOI and net proceeds to the Company from the sale equaled approximately $37.1 million after payment of transaction costs, prorations, net seller credits and loan prepayment costs.
The sale of the Cincinnati Office Portfolio is part of the Company’s previously announced plan to dispose of select single and multi-tenant office assets. Since the plan was announced, the Company has disposed of approximately $201.8 million of single and multi-tenant office assets at a 7.5% cap rate and has approximately $299 million in additional office assets under contract and over $400 million of assets that are currently being marketed.
Company Profile
Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. The Company focuses on income producing properties 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 212-297-1000.
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Contacts:
Brittany A. Sanders, 212-297-1000
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