News Column

United States : GRAMERCY PROPERTY TRUST acquires MIAMI industrial assets

September 4, 2014

Property investment trust Gramercy Property Trust Inc. has acquired industrial assets in Miami, FL for $17.3 million in cash.

The acquisition highlights the company's strategy of buying revenue-generating assets that are leased to a high quality tenant to guarantee a steady source of rental income.

Gramercy Property particularly bought three auto salvage sites panning across 30 acres in Medley, in the Miami MSA region.

A large publicly traded global firm that provides replacement auto and truck parts, has leased these assets till Jul 2022.

The longer lease term would protect the firm against short-term market swings.

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Source: TendersInfo (India)

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