Gramercy Buys Two Indy Industrial Buildings for $27M

INDIANAPOLIS—Gramercy Capital Corp. recently closed on the purchase of a two-property, 540,000-sq.-ft. industrial portfolio here for $27.1 million.

The two buildings are 100 percent leased to three tenants for more than 10 years. Tenants at the buildings include Nestle Waters, Stanley Security Systems (a subsidiary of Black & Decker) and a privately held medical company. The cap rate for the purchase was 8.36 percent, and the properties are 50 percent leveraged, according to a company filing. The company did not disclose the locations of the properties.

Gordon DuGan, CEO, said in a statement that his firm is working to build a sustainable portfolio. “This is our first closing under the company’s new strategy and represents an important step in the transformation of Gramercy into a premiere net lease investor focused on office and industrial properties,” he said.

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