Gramercy Closes $207M Office Portfolio Sale
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Gramercy Property Trust industrial property
New York—Gramercy Property Trust has closed on the sale of three single-tenant office buildings in Princeton, N.J., Burlington, Mass., and Bloomington, Minn., and one single-tenant industrial facility in Phoenix, Ariz., for a total of $206.7 million.
The weighted average remaining lease term for the four sold properties was 10.1 years at closing, and the blended exit cap rate was 7.4 percent on the next 12 months NOI.
With these latest dispositions, part of the company’s previously announced plan to dispose of select non-core assets following the merger with Chambers Street Properties, Gramercy Property Trust has now sold approximately $1.3 billion worth of single- and multi-tenant assets in the U.S. and Europe so far this year, including properties in Phoenix, Virginia and New Jersey…
