NEW YORK CITY-Gramercy Property Trust Inc. said Monday it has closed on four net leased industrial properties in the Southwest, Southeast and Mid-Atlantic regions with a combined purchase price of about $82 million. They include a pair of cross-dock truck terminals in Houston and Orlando, a wholesale automotive auction facility in the Dallas/Fort Worth metro area and an industrial cold storage facility in South Jersey. Sellers, tenants and property addresses were not disclosed.
Largest of the four deals was $58.5 million, including the assumption of $26.3 million in first mortgage debt, for an auction facility on 175 acres in Hutchins, TX. Net leased through June 2029 to one of the largest wholesale car auction companies in the US, the facility is about two miles from the Dallas Intermodal Terminal.
The cold storage facility is net leased through May 2028 to one of the country's largest wholesale distributors of natural, organic and specialty foods. It's a newly constructed, 70,000-square-foot facility in Logan Township, NJ, within the Philadelphia metro area, which GPT bought for $11.8 million. Both the Houston and Orlando truck terminals are 100% leased to a leading less-than-truckload carrier in separate leases; GPT bought them for $12 million in a single all-cash transaction.
“We've had a very busy second quarter 2013, closing $131 million in new acquisitions and adding a number of high quality net leased assets to the portfolio,” Gordon DuGan, GPT's CEO, says in a release. “Our investments during the second quarter had an average lease term of 15.1 years” along with an average cap rate of 8% cash and 9% GAAP. He adds that the company is “extremely pleased with the pace and quality of transactions we are able to source and close and continue to focus on building a best-in-class, net lease portfolio.”
Last week, GPT announced its acquisition of cross-dock truck terminals in Deer Park, NY and Elkridge, MD, for which it paid $9.8 million in two separate all-cash deals. Earlier in June, GPT closed on the acquisition of a $25-million build-to-suit cold storage facility in Hialeah Gardens, FL and a 62,230-square-foot industrial property in Bellmawr, NJ for $4.2 million, also all cash.
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