NEW YORK–(BUSINESS WIRE)–October 09, 2013–Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it has closed the acquisition of an approximately 220,000 square foot food-grade cold storage and distribution facility located in Yuma, Arizona. Yuma County boasts the longest growing season in the country and is where 90% of the nation’s leafy vegetables are grown from November through March. The building is 100% leased through September 2033 to the leading organic food company in North America. Year 1 net operating income is approximately $1.4 million (8.0% initial cap rate, 9.25% GAAP cap rate) with fixed annual rent escalations throughout the lease term. The facility was acquired all-cash in a sale leaseback transaction.
Keith’s Movie Korner: Nostalgia and imagination resurrect ‘BeetleJuice Beetlejuice.
By Keith Walther | Rose Law Group Reporter It has been 36 years since Tim Burton first brought “Beetlejuice” to audiences, but the sequel is
