NEW YORK CITY—Locally-headquartered Gramercy Property Trust Inc. has acquired one office building in Charlotte, NC, and a total of four industrial properties in Milford, CT and Milwaukee, WI for approximately $44.4 million.

The five newly acquired properties total approximately 590,000 square feet and are 100% leased with a weighted average lease term of approximately 6.7 years.

Gramercy has added an approximately 115,000 square foot Class A call center, office and operations facility in Charlotte to its portfolio. The property is leased to a provider of high-speed data, video and voice services.

The four industrial property acquisitions include a cross-dock truck terminal located in Milford that is leased to a national less-than-truckload carrier. Gramercy also purchased a portfolio of three single-tenant industrial properties totaling approximately 450,000 square feet in the Milwaukee MSA.

For the five properties, the company projects net operating income in the first year of ownership to be approximately $3.4 million (7.6% initial cap rate; 8.0% annualized straight-line cap rate).

The properties were acquired all-cash. Gramercy assumed one in-place mortgage loan totaling approximately $13 million on one of the properties with a remaining term of approximately two years until maturity, the company states. The identities of the sellers of the properties were not disclosed.