Gramercy Capital Corp. Announces Acquisition of a $24.65 Million Distribution Facility in the Memphis MSA
12 Marzo 2013 - 1:30PM
Business Wire
Gramercy Capital Corp. (NYSE: GKK) announced today that
it closed on the acquisition of an approximately 600,000 square
foot class A industrial building located in Olive Branch,
Mississippi, in an all-cash transaction for a purchase price of
approximately $24.65 million. The building is 100% leased to a
single tenant through December 31, 2022 and includes an adjacent
13.8 acre land parcel with capacity for an additional 250,000
square foot building.
Company Profile
Gramercy Capital Corp. is a self-managed, integrated commercial
real estate investment and asset management company. The Company
owns, directly or in joint venture, a portfolio of 116 office and
industrial buildings totaling approximately 4.9 million square
feet, net leased on a long-term basis to tenants, including Bank of
America, Nestlé Waters, Philips Electronics and others. The
Company’s property management business, operating under the name
Gramercy Asset Management, currently manages approximately $1.7
billion of commercial properties leased primarily to regulated
financial institutions and affiliated users throughout the United
States. The Gramercy Finance division manages approximately $1.7
billion of whole loans, bridge loans, subordinate interests in
whole loans, mezzanine loans, preferred equity and commercial
mortgage-backed securities which are financed through three
non-recourse Collateralized Debt Obligations, or CDOs. On January
30, 2013, the Company entered into a purchase and sale agreement to
transfer the collateral management and sub-special servicing
agreements for its three CDOs to CWCapital Investments LLC for
approximately $9.9 million, less certain adjustments and closing
costs. Subject to customary closing conditions, the transfer is
expected to close in March 2013. Neither Gramercy Finance nor
Gramercy Asset Management is a separate legal entity but are
divisions through which our commercial real estate finance and
property management businesses are conducted. The Company is
headquartered in New York City and has regional offices in
Jenkintown, Pennsylvania and St. Louis, Missouri.
To review the Company’s latest news releases and other corporate
documents, please visit the Company's website at www.gkk.com or
contact Investor Relations at 212-297-1000.
(GKK-EN)
Forward-Looking Information
This press release contains forward-looking information based
upon the Company's current best judgment and expectations. Actual
results could vary from those presented herein. The risks and
uncertainties associated with forward-looking information in this
release include, but are not limited to, factors that are beyond
the Company's control, including the implementation of the new
business strategy, the integration of the new management team, the
results of the operational review and those factors listed in the
Company's Annual Report on Form 10-K and in the Company's Quarterly
Reports on Form 10-Q. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. For further
information, please refer to the Company's filings with the
SEC.
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