Gramercy Property Trust Sells Four Single-Tenant Properties

Gordon DuGan is CEO of Gramercy Property Trust and a director of the REIT’s board.

NEW YORK CITY—Gramercy Property Trust has closed on the sale of three single-tenant office buildings in Princeton, NJ; Burlington, MA and Bloomington, MN and one single-tenant industrial facility in Phoenix for aggregate gross proceeds of just over $206 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% on next twelve months NOI.

Further information on the Princeton, NJ transaction wasn’t available at press time. In Burlington, the property known as One Wayside—at 1 Wayside Rd.—was sold to Piedmont REIT for approximately $67 million, or $359 per square foot, according to Real Capital Analytics. Eastdil Secured brokered the sale of the 188,000-square-foot property at a 6.5% cap rate, the industry data site reveals.