NEW YORK CITY—Gramercy Property Trust Inc. said Tuesday afternoon that it has agreed to buy adozen single-tenant net lease properties fromDividend Capital Diversified Property Fund Inc.for approximately $399 million, including the assumption of $142million of existing secured debt. Spanning the office, industrialand data center asset classes, the 2.67-million-square-footportfolio is located mainly in the Los Angeles and Dallas suburbs,with other properties in Houston, the Denver and Miami metro areas,Illinois, Ohio and Northern New Jersey.

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GPT says the portfolio is 100% leased, with a weighted-averagelease term of about 6.7 years. That average will be bumped up toeight years if DPF's current negotiations to extend and restructuretwo of the leases are successful.

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In an SEC filing Wednesday, GPT identified the properties in theDPF portfolio. A data center at 1920 E. Maple Ave. in El Segundo,CA is the highest-priced of the 12 assets at $58.2 million. Thereare three other Southern California properties in the portfolio:3701 Doolittle Dr. in Redondo Beach; 5200 Sheila St. in Commerce;and 2000 Corporate Center Dr. in Thousand Oaks.

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There are three Texas assets in the portfolio: 6000 ConnectionDr. in Irving and 1460 N. Glenville Dr. in Richardson, both suburbsof Dallas; and 15350, 15355, 15370 and 15390 Vickery Dr. inHouston. Rounding out the portfolio are 6 Sylvan Way In Parsippany,NJ; 1600-1601 SW 80th St. in Plantation, FL; 3201 Columbia Rd. inRichfield; OH; 200 Corporate Dr. in Dixon, IL; and 18300 E. 28thAve. in Aurora, CO.

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In connection with the planned acquisition, GPT has launched anoffering of 45 million shares of common stock, with a 30-day optionfor the underwriters to buy up to 6.75 million additional shares.Morgan Stanley, BofA Merrill Lynch, J.P. Morganand RBC Capital Markets are acting as jointbook-running managers for the offering, which will be used partlyto help fund the $257-million cash portion of the DPF portfoliosale and partly to help fund the acquisition of 10 other propertiesGPT has under contract.

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Separately, GPT said last week it had closed on the all-cashacquisition of four industrial properties in four separatetransactions totaling $35.5 million. They total 560,000 square feetand include a 109,000-square-foot manufacturing facility inPuyallup, WA; a 240,000-square-foot warehouse in Groveport, OH; a117,000-square-foot light industrial property in Lewisville, TX;and a 94,000-square-foot headquarters and warehouse in RollingMeadows, IL.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.