Gramercy Capital Corp., a self-managed, integrated commercial real estate investment and asset management company, announced this week that it had acquired a two-building 540,000 square foot industrial portfolio located in the Indianapolis metropolitan area for $27.125 million. Gramercy originally disclosed its intent to purchase the portfolio in the company's third quarter 2012 financial results report early in November. Terms of the deal were not disclosed (though it was noted that this was an all-cash transaction), and the exact location of the properties has not been listed, but the 3Q report indicated that the portfolio was 100% leased to three credit tenants, including Nestle Waters and Stanley Security Systems, with a 10.2-year weighted average lease term.
Gordon F. DuGan, Chief Executive Officer of Gramercy Capital Corp., commented, "This is our first closing under the Company's new strategy and represents an important step in the transformation of Gramercy into a premiere net lease investor focused on office and industrial properties." Mr. DuGan continued, "We are looking to construct a portfolio of high quality assets that generate durable sustainable cash flows for the benefit of our shareholders."
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