{"id":1004156140,"date":"2016-10-20T03:58:34","date_gmt":"2016-10-20T11:58:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004156140"},"modified":"2020-04-30T02:48:55","modified_gmt":"2020-04-30T10:48:55","slug":"gpt-expands-industrial-portfolio-with-247m-in-acquisitions","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gpt-expands-industrial-portfolio-with-247m-in-acquisitions\/","title":{"rendered":"GPT Expands Industrial Portfolio with $247M in Acquisitions"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Gordon<\/a>

Gordon DuGan, CEO, GPT<\/p><\/div>\n

New York<\/strong>\u2014Gramercy Property Trust<\/a> has closed 10 separate transactions to acquire 14 single-tenant industrial assets for an aggregate purchase price of approximately $246.5 million.<\/p>\n

The properties are located in the Los Angeles MSA, Atlanta MSA, San Francisco Bay Area, Raleigh\/Durham MSA, Savannah MSA, Las Vegas MSA, and New York\/New Jersey. One of the transactions is a build-to-suit located in the Charleston MSA totaling $31.2 million. Combined, the 14 assets total 2.5 million square feet and are a mix of bulk warehouses, e-commerce fulfillment centers, infill light manufacturing facilities, infill cold storage facilities and a cross-dock truck terminal.<\/p>\n

According to a GPT release, aggregate year 1 net operating income of the properties will be roughly $16.6 million, with a weighted average remaining lease term at closing of 11.8 years.<\/p>\n

A look across the U.S. industrial markets where GPT is expanding showed lots of positives. According to a recent Colliers industrial market report for Atlanta<\/a>, the city\u2019s industrial market saw activity in the second quarter that resulted in the strongest quarterly absorption since the end of 2014. It was also the 20th consecutive quarter of positive activity. Meanwhile in Los Angeles<\/a>, according to CBRE\u2019s latest industrial market report for the city, the average asking lease rate in Greater Los Angeles continued to grow, increasing by 2.9 percent since the start of the year.<\/p>\n

Recent Colliers reports also show that in the Raleigh\/Durham MSA<\/a>, average asking rental rates continue to rise in response to increasing demand and low supply; and in Las Vegas<\/a>, strong net absorption and rental rate growth in 2015 stimulated new development in 2016.<\/p>\n

It\u2019s been a busy year for GPT<\/a>, which has closed 28 separate acquisition transactions in 2016, totaling $809.3 million at a 7 percent initial cash cap rate and a weighted average remaining lease term at closing of 12.3 years.<\/p>\n

Image courtesy of Gramercy Property Trust<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Combined, the 14 assets total 2.5 million square feet. <\/p>\n","protected":false},"author":451,"featured_media":1004517834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,23891,21742],"tags":[],"class_list":["post-1004156140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-national","category-latest"],"acf":[],"yoast_head":"\nGPT Expands Industrial Portfolio with $247M in Acquisitions - 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\/gpt-expands-industrial-portfolio-with-247m-in-acquisitions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GPT Expands Industrial Portfolio with $247M in Acquisitions\" \/>\n<meta property=\"og:description\" content=\"Combined, the 14 assets total 2.5 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gpt-expands-industrial-portfolio-with-247m-in-acquisitions\/\" \/>\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=\"2016-10-20T11:58:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-30T10:48:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Gordon-DuGan-CEO-GPT.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"259\" \/>\n\t<meta property=\"og:image:height\" content=\"345\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gpt-expands-industrial-portfolio-with-247m-in-acquisitions\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gpt-expands-industrial-portfolio-with-247m-in-acquisitions\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"GPT Expands Industrial Portfolio with $247M in Acquisitions\",\"datePublished\":\"2016-10-20T11:58:34+00:00\",\"dateModified\":\"2020-04-30T10:48:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gpt-expands-industrial-portfolio-with-247m-in-acquisitions\\\/\"},\"wordCount\":326,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gpt-expands-industrial-portfolio-with-247m-in-acquisitions\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/04\\\/Gordon-DuGan-CEO-GPT.jpg\",\"articleSection\":[\"Featured\",\"Industrial\",\"National\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gpt-expands-industrial-portfolio-with-247m-in-acquisitions\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gpt-expands-industrial-portfolio-with-247m-in-acquisitions\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gpt-expands-industrial-portfolio-with-247m-in-acquisitions\\\/\",\"name\":\"GPT Expands Industrial Portfolio with $247M in Acquisitions - 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