Gramercy to Launch E-Commerce JV, Make Large Logistics Buy
ByGramercy Property Trust, a New York-based global investor and asset manager of commercial real estate, made two big moves this week as it continues to reposition its portfolio to one focused on industrial assets. The REIT launched a joint venture to acquire, own and manage newly constructed e-commerce distribution facilities and it entered into an agreement to acquire a 41-property, 7.8 million-square-foot warehouse portfolio for $479 million.
The portfolio acquisition—which has properties in Atlanta, Chicago, Houston, Dallas, Memphis, Tenn., and Columbus, Ohio—will close in the third quarter. After closing, along with the pipeline currently under contract, the REIT’s wholly owned real estate portfolio will be 78 percent industrial by net operating income, up from 69 percent at the end of 2016…
