NEW YORK CITY—A single-tenant net lease portfolio has traded for $399 million from Denver-based Dividend Capital Diversified Property Fund Inc. to Gramercy Property Trust Inc., headquartered here. As GlobeSt.com reported in December, the 2.67-million-square-foot portfolio spans the office, industrial and data center asset classes. It's 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.

DPF said Thursday that GPT had assumed $128 million of what was originally $172.8 million in fixed-rate mortgage debt encumbering 11 of the 12 properties in the portfolio, due to mature in July 2020. The seller was released from its obligations on the remaining $44.8 million through defeasance. The daily NAV vehicle plans to use proceeds from the sale to repay debt and for general corporate purposes.

Six of the properties, comprising 1.1 million square feet, are office assets. They includethree in the Los Angeles area: 3701 Doolittle Dr. in Redondo Beach; 5200 Sheila St. in Commerce; and 2000 Corporate Center Dr. in Thousand Oaks. Also in the office sector are 6 Sylvan Way In Parsippany, NJ; 1600-1601 SW 80th St. in Plantation, FL; and 6000 Connection Dr. in the Dallas suburb of Irving, TX.

The majority of the portfolio's square footage is given over to industrial assets, including a data center at 1920 E. Maple Ave. in El Segundo, CA that was the highest-priced individual asset at $58.2 million, GPT revealed in a December 2014 SEC filing. The other properties include 1460 N. Glenville Dr. in Richardson, TX; 15350, 15355, 15370 and 15390 Vickery Dr. in Houston; 3201 Columbia Rd. in Richfield; OH; 200 Corporate Dr. in Dixon, IL; and 18300 E. 28th Ave. in Aurora, CO.

The portfolio was 100% leased as of this past December, with a weighted lease-term average of approximately 6.7 years. GPT is currently pursuing lease extensions with two tenants that would increase the portfolio's average lease term to more than eight years.

With the sale having closed, DPF owns 19 office properties totaling approximately four million square feet, six industrial properties totaling 1.9 million square feet, and 32 retail properties totaling 3.3 million square feet. GPT says on its website that its portfolio totals 132 properties comprising 13.4 million square feet.

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