Friday, June 13, 2014

Gramercy Property Trust Pays $18.7M for Two Industrial Properties

Gramercy Property Trust, a New York-based REIT, acquired two single-tenant industrial buildings totaling 295,000 square feet located at 8051 Allentown Blvd. in Harrisburg, PA and 195 Corporate Dr. in Elgin, IL, for a total of $18.7 million, or $63.39 per square foot. 

Both properties are 100% leased with an average weighted lease term of approximately 13 years. The 183,000-square-foot industrial building in Harrisburg was built in 2001 and is leased through February 2025. The 112,000-square-foot industrial property at 195 Corporate Dr. in Elgin, IL was built in 1996 and is leased through August 2028.

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