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Gramercy Property Trust acquires USD9.5m Tampa industrial facility

Gramercy Property Trust has closed the acquisition of an approximately 176,000-square-foot production and warehouse bottling facility located in Tampa, Florida.

The building is 100 per cent leased through January 2020 to a beverage producer.
Year one net operating income is approximately USD748,000 (7.9 per cent initial cap rate; 8.2 per cent annualised straight-line cap rate) with annual rent escalations throughout the lease term.
The facility was acquired all-cash for a purchase price of approximately USD9.5 million.

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