NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE: GPT), a real estate investment trust, announced today that it has completed the acquisitions of four of the assets identified in the initial portfolio transaction for the E-Commerce Joint Venture. The Venture was launched in August 2017 to acquire, own and manage Class A distribution centers leased to leading e-commerce tenants on long-term leases across the country.

The initial portfolio is comprised of six newly constructed Class A bulk distribution properties totaling 5.2 million square feet, for a purchase price of $537 million. The first two properties total $178 million and closed on January 31, 2018 and the second pair of properties total $181 million and closed on April 3, 2018. The remaining two assets under contract total $179 million and are expected to close between late 2018 and early 2019. Each building will be 100% leased to a leading e-commerce company on an initial 15-year term and annual 1.75% to 2.00% rental escalations. The buildings are located in Dallas, TX, Inland Empire, CA (2), Jacksonville, FL, Southern NJ and Winchester, VA.

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 high quality, income producing commercial real estate leased to high quality tenants in major markets in the United States and Europe.