Gramercy Property Trust buys Cott bottling plant

BUYER: GPT Tampa Acline Owner LLC, New York City
SELLER: TCG I Tampa
PROPERTY: 4506 E. Acline Drive, Tampa
PRICE: $9.5 million
PREVIOUS PRICE: $7.5 million, December 2010
LAW FIRM ON DEED: Kirkland & Ellis LLP, Chicago

PLANS, DESCRIPTION:
New York City-based real estate investment trust Gramercy Property Trust Inc. purchased a 176,000-square-foot production and warehouse bottling facility for $9.5 million.

The price equated to $54 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($104) in the Tampa Bay area, according to the CoStar Group.

The building is fully leased to one of the world's largest beverage producers, Tampa-based Cott Corp., through at least January 2020.

A press release Gramercy Property Trust issued says the first year net operating income of the building will be $748,000 (7.9% initial capitalization rate; 8.2% annualized straight-line cap rate) with annual rent escalations through the term of the lease. The facility was acquired all-cash for a purchase price of approximately
$9.5 million.

Gramercy Property Trust focuses on acquiring and managing income-producing industrial and office properties leased to high-quality tenants in major markets throughout the U.S.