An affiliate of New York-based Gramercy Property Trust (GPT) paid $9.8 million on Tuesday for its fourth industrial property in Greater Orlando, a day after announcing it will be acquired by the world's largest real estate private equity firm.
Located at 3200 Mercy Dr. in northwest Orlando's "Center of Commerce" industrial park, the 11.2-acre property features a 146,566-square-foot warehouse with expansion potential, and dates to 1990.
The seller was an affiliate of Atlanta-based Georgia-Pacific, which previously paid $5.82 million in 2012. Fortune 500 company Veritiv has been the building's lone tenant since 2002, and recently signed a new long-term lease.
Deborah Mickler and David Wilson of Colliers International Central Florida served as listing agents for the seller.
GPT owned more than 74.8 million square feet of industrial space across the United States through the first quarter of this year. That includes three warehouse properties in Orlando totaling 330,662 square feet, prior to this week's acquisiton.
Those other local properties lie in the International Corporate Park east of Orlando International Airport, where GPT also owns another 7.28-acre parcel for future development.
Officials with GPT declined to comment Wednesday for this story.
The company is observing a period of media silence after announcing Monday that it had reached a deal to be acquired by Blackstone Real Estate Partners VIII, in an all-cash transaction valued at $7.6 billion.
That acquisition by Blackstone is expected to become finalized in the second half of 2018.