Gramercy Property Trust acquires USD19.1m cold storage facility in Chicago
Gramercy Property Trust has closed the acquisition of a 187,000 square foot cold storage facility and dry warehouse located in Arlington Heights, Illinois.
The two attached buildings are 100 per cent leased through May 2019 to a specialty food importer and distributor, with a lease guaranty from the tenant’s parent company, a global leader in broadline food distribution.
Year one net operating income is approximately USD1.5 million (8.1 per cent initial cap rate; 8.4 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 USD19.1 million.
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