{"id":1004128346,"date":"2015-09-29T05:02:48","date_gmt":"2015-09-29T13:02:48","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=362172"},"modified":"2022-03-03T10:10:09","modified_gmt":"2022-03-03T18:10:09","slug":"global-investor-lights-up-in-pinellas-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/global-investor-lights-up-in-pinellas-park\/","title":{"rendered":"Global Investor Lights Up in Pinellas Park"},"content":{"rendered":"<div id=\"attachment_362205\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Gramercy-property.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-362205\" title=\"Gramercy Property Trust industrial building\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Gramercy-property.jpg\" alt=\"Gramercy Property Trust industrial building\" width=\"300\" height=\"93\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">One of the REIT\u2019s industrial facilities<\/p>\n<\/div>\n<p><strong><a href=\"https:\/\/www.gptreit.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Gramercy Property Trust<\/a><\/strong> announced that it closed on the sale and leaseback of an industrial property totaling 131,800 square feet in Pinellas Park. The real estate investment trust acquired the property all-cash for $11.1 million.<\/p>\n<p>Constructed in 1997 and expanded later in 2005, the warehouse is 100 percent leased to a global importer and retailer of fine cigars and cigar accessories. Upon closing, the tenant has renewed its agreement with the new ownership for fifteen years. The contract stipulates a new lease for the entire facility expiring in September 2030 with 2.5 percent annual increases. Year 1 net operating income will be approximately $771,000 (6.9 percent initial cap rate; 8.3 percent annualized straight-line cap rate).<\/p>\n<p>Gramercy Property Trust is a global investor and asset manager of commercial real estate, specialized in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. According to the company\u2019s mid-year data, their nationwide portfolio of 172 properties\u2014totaling 20.3 million square feet\u2014maintained a 99.6 percent occupancy.<\/p>\n<p><em>Photo via Gramercy Property Trust<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A global REIT expanded its industrial portfolio through a sale-leaseback acquisition of a cigar warehouse in Pinellas Park.<\/p>\n","protected":false},"author":35,"featured_media":1004507252,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1612],"tags":[682],"class_list":["post-1004128346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tampa","tag-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Global Investor Lights Up in Pinellas Park - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/global-investor-lights-up-in-pinellas-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global Investor Lights Up in Pinellas Park\" \/>\n<meta property=\"og:description\" content=\"A global REIT expanded its industrial portfolio through a sale-leaseback acquisition of a cigar warehouse in Pinellas Park.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/global-investor-lights-up-in-pinellas-park\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-29T13:02:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-03T18:10:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Gramercy-property.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Balazs Szekely\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/global-investor-lights-up-in-pinellas-park\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/global-investor-lights-up-in-pinellas-park\/\",\"name\":\"Global Investor Lights Up in Pinellas Park - 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