{"id":1004162382,"date":"2016-12-22T04:26:22","date_gmt":"2016-12-22T12:26:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004162382"},"modified":"2022-12-08T07:23:18","modified_gmt":"2022-12-08T15:23:18","slug":"gramercy-nabs-half-billion-dollar-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gramercy-nabs-half-billion-dollar-industrial-portfolio\/","title":{"rendered":"Gramercy Nabs Half-Billion-Dollar Industrial Portfolio"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"Nicholas<\/a>

Nicholas Pell, Gramercy Property Trust<\/p><\/div>\n

New York<\/strong>\u2014Gramercy Property Trust\u2019s portfolio revamping program calls for the REIT to enhance its industrial holdings, and the company did just that\u2014by a whopping 10.3 million square feet\u2014with the acquisition of a 17-property collection of bulk warehouses spanning the U.S. The $521 million purchase included the assumption of $198 million of secured debt.<\/p>\n

In a prepared statement, Nicholas Pell, chief investment officer of Gramercy Property Trust, said the acquisition \u201ccombines a very attractive yield with high quality assets and below market rents.\u201d<\/p>\n

The goal of Gramercy\u2019s portfolio repositioning strategy<\/a>, presented in detail on its Investor Day in September 2015, is to move away from high capex single-tenant and multi-tenant office properties, and focus on lower capex industrial and specialty assets. The REIT\u2019s new purchase covers a lot of ground, literally, with locations in premier logistics markets in eight metropolitan areas: Atlanta, Charleston, Cincinnati, Dallas, Indianapolis, Jacksonville, Memphis and Sacramento. But there\u2019s more to the portfolio than key locations. Twelve of the properties fall squarely into Gramercy\u2019s single-tenant target group, and 15 of the assets are stabilized.<\/p>\n

With the completion of the transaction, Gramercy\u2019s portfolio is now 70 percent industrial, up from 47 percent just one year ago. \u201cOur portfolio repositioning is basically finished and it’s gone much, much faster than we laid out to investors,\u201d Gordon DuGan, CEO of Gramercy Property Trust, said during the REIT\u2019s third quarter earnings call on November 2.\u00a0 Year-to-date, Gramercy has invested $1.3 billion in purchases. Funding the expeditious portfolio transformation is the recycling side of the strategy. Sell some, buy some. Included in the company’s bevy of office dispositions this year are 70 and 90 Hudson St., in Jersey City, N.J., which fetched a total of $299 million, and a national group of office buildings<\/a> and a single industrial property, which brought in $206.7 million.<\/p>\n

\u201cWe enter 2017 with a high-quality portfolio, tremendous financial flexibility and a market leading operating platform to meet future opportunities and challenges,\u201d Pell added.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company has expanded its holdings with the acquisition of 17 bulk warehouses totaling 10.3 million square feet. <\/p>\n","protected":false},"author":969,"featured_media":1004162383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,23891,1600,21742],"tags":[33228,33227],"class_list":["post-1004162382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-national","category-new-york","category-latest","tag-gordon-dugan","tag-gramercy-property-trust"],"acf":[],"yoast_head":"\nGramercy Nabs Half-Billion-Dollar Industrial Portfolio - 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\/gramercy-nabs-half-billion-dollar-industrial-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gramercy Nabs Half-Billion-Dollar Industrial Portfolio\" \/>\n<meta property=\"og:description\" content=\"The company has expanded its holdings with the acquisition of 17 bulk warehouses totaling 10.3 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gramercy-nabs-half-billion-dollar-industrial-portfolio\/\" \/>\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=\"2016-12-22T12:26:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T15:23:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Nicholas-Pell-Gramercy-Property-Trust.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\/gramercy-nabs-half-billion-dollar-industrial-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gramercy-nabs-half-billion-dollar-industrial-portfolio\/\",\"name\":\"Gramercy Nabs Half-Billion-Dollar Industrial Portfolio - 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