Transactions reported this week included a portfolio acquisition and an office property.
Gramercy Property Trust acquired six distribution centers located throughout the United States. The portfolio is composed of six newly constructed distribution properties totaling 5.2 million square feet for a combined purchase price of $538 million.
The properties are the first acquisitions for a Gramercy-led e-commerce joint venture, which was launched in August 2017. The venture was established to acquire, own and manage Class A distribution centers across the country. Gramercy is a 51 percent partner in the venture. An undisclosed sovereign investor is the other partner.
SL Green Realty Corp. and its joint venture partner, Ivanhoe Cambridge, entered into a contract to sell the leasehold office condominium at 1745 Broadway in Manhattan for a price of $633 million.
The buyer was an institutional client of Invesco Real Estate.
