NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it closed two separate transactions to acquire single tenant industrial properties in the Boston MSA and the Memphis MSA aggregating $67.8 million.

The first transaction was a newly constructed 448,470 square foot distribution center leased to a multi-brand retailer located in Littleton, Massachusetts (Boston MSA).

The second transaction was a 677,160 square foot distribution facility constructed in 2015 leased to a leading producer of breakfast cereal products located in Byhalia, Mississippi (Memphis MSA).

Aggregate year 1 net operating income of the properties will be approximately $4.5 million (6.6% initial cap rate; 6.8% annualized straight-line cap rate) with a weighted average remaining lease term at closing of 9.3 years.

About Gramercy Property Trust

Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing single-tenant, net-leased industrial and office properties. The Company focuses on income producing properties leased to high quality tenants in major markets in the United States and Europe.