Gramercy Property Trust acquires USD9.5m industrial facility in Texas
Gramercy Property Trust has closed the acquisition of an approximately 120,350 square foot industrial facility in Austin, Texas.
The building is 100 per cent leased until October 2028 to a provider of linen management services to the US healthcare industry.
Year one net operating income is approximately USD717,000 (7.56 per cent initial cap rate, 8.25 per cent GAAP cap rate) with fixed rent escalations throughout the lease term.
The facility was acquired all-cash for a purchase price of approximately USD9.5m.